Illumina rises after J.P. Morgan upgrades to 'overweight'
BUZZ-Illumina rises after J.P. Morgan upgrades to 'overweight' ** Gene sequencing company Illumina ILMN.O rise 2.9% to $164.67 after J.P. Morgan upgrades to "overweight" from "neutral"
** Brokerage also lifts PT to $185 - a 16% upside from stock's last close
** J.P. Morgan says "over the last few quarters we have become more comfortable with ILMN’s customer stickiness, particularly among large, high-growth clinical customers"
** Brokerage finds all major CLIA labs — the big certified diagnostic testing centres — are ILMN customers and have either switched or are switching to its newest machine, the NovaSeq X, with 76% of high-throughput clinical output already running on it as of Q1 2026
** It also says valuation looks cheap vs history — the stock trades at a 3x premium to sector peers on earnings vs a historical average premium of 15x
** Including session's moves, stock up 25% YTD vs about 10% increase in the Nasdaq composite index .IXIC
(Reporting by Ragini Mathur in Bengaluru)
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