Piper Jaffray analyst William Quirk says his population genomics project checks suggest the opportunity "remains robust" and has grown since his last check a year ago. Despite a delayed release of funds in 2019, the analyst's overall sequencing spend estimates through 2021 increased by 30% from his previous forecast. Illumina cut 2019 guidance by $250M and Quirk believes $80M-$85M of it was related to population genomics. Though projects have ramped slower than expected, Illumina's opportunity "remains large and continues to grow," says the analyst. He keeps an Overweight rating on Illumina shares with a $348 price target.