Illumina added to positive catalyst watch at Citi despite Q2 miss
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Citi analysts have added Illumina (NASDAQ:ILMN) to its 90-day positive catalyst watch and upgraded Bruker Corporation (BRKR) after the life sciences companies reported Q2 2022 results early this month, which fell short of Street forecasts.

Q2 2022 marked one of the âmost dynamic quarters in recent memory with moves further amplified by crowded investor positioning into the prints,â the analysts wrote.
As areas focus, Citi lists adverse market conditions such as COVID lockdown in China, inflationary impact, stronger USD, and pressure on more specialized genomics and sequencing company end markets.
The positive areas of focus include pricing power and favorable bioprocessing trends outside COVID. 
Citi notes an attractive setup in 2023 for BRKR and upgrades the stock to Buy with the price target raised to $80 from $70 per share.
Illumina (ILMN) dropped ~8% a day after the gene sequencing company reported a sequential revenue decline for Q2 2022 amid macro pressures.