Jefferies updates ratings on life sciences firms for 2026

Illumina

17/12/2025 12:02

** Jefferies updates ratings and price targets for life sciences firms for 2026

** Maintains "buy" for Waters WAT.N; says it "remains a top pick" citing favorable instrument replacement cycle and scope for numbers to move up with ~6% growth expected in 2026

** Reiterates "buy" rating for Neogenomics NEO.O as brokerage expects new products to drive above-consensus growth in 2026

** Downgrades Avantor AVTR.N to "underperform" from "hold", shares down 3.6% premarket; says structural challenges remain widespread, competition, pricing pressure, and bioprocessing asset quality, with "no quick fix" despite CEO transition

** Maintains "buy" for Danaher Corp DHR.N expects double digit growth in consumables in 2026, while equipment sales to remain flat; adds that the biggest uncertainty - and potential upside - comes from equipment demand, small-scale process improvements, and extra orders from Asia

** Reiterates "hold" for Illumina ILMN.O as brokerage question co's path to regain high single digit growth by 2027 due to uncertainties around China, academic funding  and competitive threat from Roche

Company
Old PT
New PT
Waters
$405
$470
Neogenomics
$13
$15
Avantor
$12
$9
Danaher Corp
$245
$255
Illumina
$108
$125

 (Reporting by Siddhi Mahatole)

 ((siddhi.mahatole@thomsonreuters.com))