Illumina gains as analysts cheer the outlook for 2022
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Illumina (NASDAQ:ILMN) is trading ~4.6% higher in the pre-market after its preliminary revenue for 2021 and 2022 guidance exceeded the consensus on Monday. Many analysts have welcomed the news.
In reaction, Barclays has upgraded Illumina (ILMN) to Equal Weight from Underweight as the analyst Luke Sergott pointed to 2022 guidance with remarks: âManagement decided to body slam our targets we put out last week.â The price target raised to $450 from $350 implies a premium of ~10.4% to the last close.

Stifel analyst Daniel Arias agrees, noting that the guidance for this year was âstronger than we expected.â Arias is âparticularly intriguedâ by the companyâs decision to develop long-read technology.
âThe appetite for long-read information is strong and getting stronger, so details on accuracy/errors rates that allow for a comparison to PACB HiFi reads to be made will be highly useful,â Arias wrote. Stifel has a Hold rating on Illumina (ILMN) with a per-share target of $480.
âA long-read platform by Illumina would be negative for PacBio, though PacBio has its own advantage beyond long reads,â noted Piper Sandlerâs David Westenberg with an Overweight rating and $450 per share target on the stock.
Despite a newly-announced collaboration with Google, Pacific Biosciences (NASDAQ:PACB) is trading ~11.0% lower in the pre-market after its preliminary financials for Q4 and full-year 2021 fell short of expectations.