Illumina added to positive catalyst watch at Citi despite Q2 miss

Aug. 22, 2022 1:43 PM ETIllumina, Inc. (ILMN)BRKRBy: Dulan Lokuwithana, SA News Editor2 Comments

Wall Street New York City

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  • Citi analysts have added Illumina (NASDAQ:ILMN) to its 90-day positive catalyst watch and upgraded Bruker Corporation (BRKR) after the life sciences companies reported Q2 2022 results early this month, which fell short of Street forecasts.
  • Q2 2022 marked one of the “most dynamic quarters in recent memory with moves further amplified by crowded investor positioning into the prints,” the analysts wrote.
  • As areas focus, Citi lists adverse market conditions such as COVID lockdown in China, inflationary impact, stronger USD, and pressure on more specialized genomics and sequencing company end markets.
  • The positive areas of focus include pricing power and favorable bioprocessing trends outside COVID.
  • Citi notes an attractive setup in 2023 for BRKR and upgrades the stock to Buy with the price target raised to $80 from $70 per share.
  • Illumina (ILMN) dropped ~8% a day after the gene sequencing company reported a sequential revenue decline for Q2 2022 amid macro pressures.

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