Illumina downgraded to Market Perform after 40% rally at TD Cowen

TD Cowen downgraded Illumina to Market Perform from Outperform with an unchanged price target of $144. The analyst cites valuation for the downgrade. The shares are up 40% from the recent lows and are now within 10% of the price target, the analyst tells investors in a research note. The firm sees a more balanced risk/reward at current share levels, saying revenue forecasts reflect a “realistic outcome” for Illumina “given the opportunities and challenges that persist.”