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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.

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