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Illumina Plummets 23%, Analysts Move To The Sidelines Amid Q1 Warning

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Illumina, Inc. ILMN 23.42% plunged about 26 percent after the company reported disappointing preliminary first quarter results on weaker-than-expected HiSeq demand.

Illumina expects to record revenue of $572 million in the first quarter. Even though the company's guidance represents a 6 percent increase year-over-year, it missed Street' consensus view of $596.33 million.

The company now expects full year revenue growth of about 12 percent, down from prior guidance of about 16 percent due to softer demand in Europe.

Analysts have moved to the sidelines post the announcement from Illumina. BofA downgraded the stock to Neutral, and Cantor Fitzgerald's Bryan Brokmeier downgraded it from Buy to Hold...