Wells Fargo analyst Dan Leonard noted Illumina's guided 2020 sales midpoint is 2% below the consensus view in terms of dollars and the company's guided growth rate of 9%-11% is below the 10%-12% growth rate that many were expecting. While investors have been keenly interested in whether Illumina would set guidance conservatively to set itself up for a "beat and raise" cycle, he does not think the guidance is necessarily conservative, as its PopSeq "assumption offers some safety margin," but its China assumption "strikes us as aggressive," Leonard stated in a note to investors. He maintains an Underweight rating and $300 price target on Illumina shares.