Illumina earnings selloff a buying opportunity, says Piper Jaffray
Piper Jaffray analyst William Quirk recommends using today's post-earnings pullback in shares of Illumina as an opportunity to add to positions. Shares are indicating lower as product revenue missed consensus expectations, but service revenue "was more than enough to offset the miss," Quirk tells investors in a post-earnings research note. While management reiterated 2019 revenue guidance, it shifted more revenue to the second half and raised earnings for the expected divestment of Helix, adds the analyst. He says that while "this was not a perfect Illumina quarter," the company did report additional PopSeq initiatives while the S prime flow cell is driving HiSeq conversions. Quirk raised his price target for Illumina shares to $387 from $384 and keeps an Overweight rating on the name.