Illumina Analysts Increase Their Forecasts Following Strong Q2 Results

Illumina, Inc. ILMN reported better-than-expected second-quarter sales results on Tuesday.

Illumina reported quarterly earnings of 36 cents per share which missed the analyst consensus estimate of 90 cents per share. The company reported quarterly sales of $1.112 billion which beat the analyst consensus estimate of $1.080 billion.

“The Illumina team delivered results ahead of our expectations in the quarter, driven by disciplined execution on our strategic priorities,” said Jacob Thaysen, Chief Executive Officer. “Consumable sales remained solid as customers continued to increase their sequencing activity, but instrument demand has softened in a constrained funding environment. We are progressing our operating excellence initiatives and will deliver expanded margins this year.”

Illumina shares rose 9.1% to close at $126.94 on Tuesday.

These analysts made changes to their price targets on Illumina following earnings announcement.

UBS analyst John Sourbeer maintained Illumina with a Neutral, while raising the price target from $131 to $133.