NEW YORK – Investment banking firm Evercore ISI has downgraded shares of Illumina to an In Line rating, with a price target of $340.
"We are downgrading Illumina to In Line as we see risks and upside surprises as being fairly balanced at current levels," analyst Vijay Kumar wrote in a research note.
"While we are huge fans of Illumina as a fundamental, secular growth company longer term, current valuation causes us to move to the sidelines," he added.
Previously, Evercore had rated the shares at Outperform with a price target of $330.