Illumina's (ILMN) Q2 Guide Below Street, PT drops to $145 - Leerink

Leerink Partners analyst, Dan Leonard, maintained his Market Perform rating on Illumina (NASDAQ: ILMN) and believes that the company needs to meaningfully exceed revenue expectations for share price appreciation, and there is no clear driver for that types of revenue beats. The PT drops to $145 from $165.

"ILMN’s capacity utilization data suggest no meaningful sequencing overcapacity in the market in aggregate. European utilization is even lower than the U.S., which weakens any notion of greater capacity centralization in Europe. Rather, the Q1 result was driven by a shortfall in the traditional HiSeq (ex X) product line, which fell $14M below plan (19 instruments), as well as some delayed revenue recognition."

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 $133.65 yesterday.

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