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Illumina Rises On Forecast Of $1 Billion Revenues In Q1, Analyst Retaining Buy

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Investing.com – Shares of gene-sequencing company Illumina (NASDAQ:ILMN) were up 11% in Tuesday’s premarket after the company indicated its revenue had topped $1 billion revenues in the quarter through March.

The revenue forecast for the quarter is 26% higher than last year’s. For fiscal year 2021, Illumina now expects year-over-year revenue growth in the range of 25%-28% compared to fiscal year 2020.

Illumina credited record orders in the gene-sequencing and related businesses for its optimistic outlook.

Illumina president and chief executive officer Francis deSouza said its sequencing technology is helping attract demand for Covid-19-related surveillance globally.

Canaccord Genuity analyst Max Masucci on Monday maintained a ‘buy’ rating on the Nasdaq-listed company, setting a price target of $460, almost 20% higher than its closing level on Monday. 

Masucci expects Illumina to post earnings per share of $1.76 for the second quarter of 2021.

The current consensus among 9 TipRanks analysts is for a ‘moderate buy’ rating of shares in Illumina, with an average price target of $441.56.The analysts’ price targets range between $285 and $570.

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