Illumina downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Illumina (ILMN) to Underweight from Equal Weight with a price target of $100, down from $130. The firm sees greater risk to management’s ability to deliver on their plan due to China uncertainty and increasing competition from Roche in the clinical market. In addition, consumables weakness in Q4 sets up a “tough jump-off” into 2025, the analyst tells investors in a research note. Given Illumina’s fundamental profile over the next three years, the shares could see more multiple contraction once some of these issues start to impact fundamentals further, contends the firm.