NEW YORK – Piper Sandler on Tuesday upgraded its rating for Illumina to Overweight with a new price target of $415, following conversations with the management teams of Illumina and cancer diagnostics firm Grail, which Illumina is in the process of acquiring.
In a note to investors, Piper Sandler analysts Steven Mah and Rachel Vatnsdal wrote that the upgrade reflects "increased confidence in Grail and [Illumina's] core NGS business."