JPMorgan says the Chinese Ministry of Commerce yesterday added two U.S.-based companies, Illumina (ILMN) and PVH Corp. (PVH), to its “Unreliable Entity List” to protect China’s national sovereignty, security, and development interests, effective immediately. While macroeconomic conditions and local competition in the region were already presenting a difficult setup for Illumina in China, the action by the Chinese government “adds an additional hurdle” for the company with a potential incremental headwind to 2025 growth, the analyst tells investors in a research note. JPMorgan has a Neutral rating on Illumina shares. The stock closed Tuesday down 5% to $124.20.
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