Piper Jaffray analyst William Quirk lowered his price target for Illumina to $348 from $382 following the company's weaker than expected Q2 results. Despite the miss, management reiterated total NovaSeq placements for the year and continued to suggest they had trimmed overall guidance to the point where the next move is a positive revision, Quirk tells investors in a research note. The analyst reduced the stock's multiple to reflect the slowed near-term momentum, but he continues to believe in Illumina's longer-term opportunities. He tells investors is it "time to step in" and keeps an Overweight rating on the shares.