Following market close yesterday, Illumina, Inc. (NASDAQ:ILMN) reported second quarter revenue results of $600.1 million, solidly up by 11% in year-over-year, above Cantor analyst Bryan Brokmeier‘s estimate of $592.9 million, and also above the Street’s projection of $593.2 million. Meanwhile, ILMN also reported earnings per share of $0.82, slightly over Brokmeier’s expectation of $0.63 and above the Street’s estimate of $0.64.

Brokmeier reiterates a Hold with a $165 price target, which the analyst finds “warranted given the perceived risk in the company’s growth trajectory.” After taking note of these second quarter results, Brokmeier comments, “We recommend that investors remain on the sidelines with shares of ILMN following last night’s better-than-expected 2Q:16 results. HiSeq instrument placements continue to be weak, which is particularly concerning given that it is the greatest driver of consumable revenue pull-through.”

Meanwhile, the analyst believes there is a chance to be bullish once again, explaining, “We may become more positive with the shares if there are greater signs that bookings are improving, which we believe is necessary to drive sustainable double-digit growth.”

For now, Brokmeier cautiously reduces revenue forecasts for both 2016 as well as 2017, from $2.493 billion to $2.485 billion, and from $2.852 billion to $2.828 billion. Highlighting Illumina’s beneficial expense management initiative, the analyst predicts this will help the company short-term, which is why Brokmeier has accordingly raised his adjusted cash earnings per share estimate for 2016 from $3.40 to $3.56. Until another catalyst comes along, however, the analyst is leaving his adjusted cash EPS projection for 2017 of $4.20 unchanged.

According to TipRanks, Bryan Brokmeier is ranked #1,164 out of 4,087 analysts, maintaining a success rate of 53% and earning 2.9% in profits on average for his annual returns.

TipRanks analytics show Illumina to be a Moderate Buy. Out of 11 analysts polled in the last 3 months, 5 rate a Buy, 5 maintain a Hold, and 1 issues a Sell. The 12-month average price target stands at $157.64, marking just a slight 4% downside.