Illumina falls after TD Cowen cuts to 'market perform'

Illumina

04/01/2024 11:47

** Shares of Illumina  ILMN.O  fall 2% to $127.74 premarket
    ** Brokerage TD Cowen cuts its rating on ILMN to 'market
perform' from 'outperform'
    ** Says stock is up 40% from recent lows and is within 10%
of the brokerage's PT 
    ** "We see Market Perform as appropriate and downgrade our
rating" - TD Cowen
    ** The brokerage says co's 2023 results disappointed due to
weakness in China, management change disruptions and activist
investor activity
     ** However, the brokerage expects better margins and
performance under new CEO Jacob Thaysen 
    ** 10 of 24 brokerages rate the stock "buy" or higher, 11
"hold", and 3 "sell"; their median PT is $126
    ** ILMN stock fell 31.1% in 2023

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))