In a report released today, Mark Massaro from Canaccord Genuity maintained a Buy rating on Illumina (ILMN), with a price target of $360. The company’s shares closed on Friday at $335.49.
Massaro said:
“We recently had the privilege of hosting Illumina CFO Sam Samad and VP of IR Jacquie Ross for two days of investor meetings. As less than 0.02% of humans have ever been sequenced and less than 1% of variants in the human genome have been fully characterized, we see a multi-year path to growth ahead in research and clinical sequencing. While near-term risks linger (closing of the PACB acquisition this summer; accelerated ramp of revenue in 2H/19; successful deployment of pop. gen projects; and a recovery in direct-to-consumer (DTC) genetic testing), we’re confident that demand for high-margin sequencing consumables is intact, and we believe Illumina’s $600-700M+/ year commitment to R&D spend, coupled with best-in-class people, will enable ILMN to maintain its leadership position for years – we reiterate BUY, raise our PT to $360.”
According to TipRanks.com, Massaro is a top 100 analyst with an average return of 19.0% and a 62.1% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.
Illumina has an analyst consensus of Strong Buy, with a price target consensus of $369.
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Illumina’s market cap is currently $49.32B and has a P/E ratio of 58.66. The company has a Price to Book ratio of 12.38.
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Illumina, Inc. engages in the development and manufacture of integrated systems for the analysis of genetic variation and function. It operates through the Core Illumina and Consolidated Variable Interest Entity segments (VIE).
