Mizuho Securities Remains Sidelined on Illumina (ILMN) Following a Negative 1Q Pre-Announcement

Mizuho Securities maintained a Neutral rating and $150.00 price target on Illumina (NASDAQ: ILMN) following the company's negative 1Q pre-announcement. 1Q revenue is expected to be approximately $572mm, about $24mm below consensus. EPS is also expected to be below consensus.

Analyst Eric Criscuolo commented, "We reiterate our Neutral rating ($150 PT) following ILMN's negative 1Q16 pre-announcement. We expect the stock to trade down toward our PT on the news. Europe and HiSeq 4000 were the drivers of the miss. Strong comps, slowing top line growth, and improving competitors have been primary reasons keeping us on the sidelines, with premium valuation adding to the risk. The preannouncement gives us no reason to change this stance, and comes as ILMN prepares to have a new CEO take the reins."

For an analyst ratings summary and ratings history on Illumina click here. For more ratings news on Illumina click here.

Shares of Illumina closed at $178.13 yesterday.

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