Illumina guidance cut largely as expected, says Barclays

Barclays views Illumina’s (ILMN) guidance last night as largely as expected. The bulls are going to defend the stock on China being de-risked, but Barclays still see risk with National Institutes of Health and agrigenomics and genomics demand, the analyst tells investors in a research note. The firm says Illumina’s cost cuts provide some offset but it questions how many levers are left to pull with sacrificing growth in the out years. Barclays keeps an Underweight rating on Illumina with a $100 price target