William L. Moore
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William L. Moore in Insider trading,

Illumina Now A Buy Following Q2 Beat

Canaccord Genuity upgraded shares of Illumina, Inc. ILMN to a Buy following a strong second-quarter beat and an upgrade to the revenue guidance.

Raising Estimates, Price Target

The firm raised its 2017 revenue estimate from $2,675 million to $2,685 million and 2018 estimate from $2,990 million to $3,010 million. The firm also increased its adjusted earnings per share estimate for 2018 from $4 to $4.30.

For 2019, the firm initiated revenue guidance of $3,250 million and adjusted earnings per share guidance of $4.90.

Along with the upgrade of rating on the shares from Hold to Buy, Canaccord Genuity also raised its price target from $170 to $215.

At the time of writing, shares of Illumina were up 2.63 percent at $199.58.


Well, there is some upside potential but it's limited due to stochastics. 

Shares will try to close the gap. And after that more upside is possible.