Illumina

ILMN · NASDAQ

$267.93+$5.27 (+2.01%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $262.66

ILMN analyst rating

HoldConsensus of 17 analysts over the last 12 months. 53% rate it a buy.

Strong buy0
Buy9
Hold5
Underperform1
Sell2

12-month price target · 23 analysts

Average $209.59 (−21.8% downside)

Low: $114.13
Now: $267.93
High: $320.25

Upgrades and downgrades

The latest rating actions, newest first

ILMN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Canaccord Genuity	Oct 19, 2026	Maintains	Hold	$205.00 → $300.00	55%
TD Cowen	Oct 13, 2026	Maintains	Hold	$210.00 → $270.00	61%
Barclays	Oct 7, 2026	Maintains	Underweight	$160.00 → $200.00	54%
RBC Capital	Oct 5, 2026	Maintains	Outperform	$230.00 → $310.00	59%
Guggenheim	Oct 1, 2026	Maintains	Buy	$226.00 → $305.00	66%
Leerink Partners	Sep 29, 2026	Maintains	Outperform	$220.00 → $300.00	51%
Piper Sandler	Sep 28, 2026	Maintains	Overweight	$225.00 → $305.00	58%
UBS	Sep 9, 2026	Upgrade	Neutral → Buy	$135.00 → $260.00	59%
Argus Research	Sep 3, 2026	Maintains	Buy	$180.00 → $235.00	51%
Canaccord Genuity	Aug 3, 2026	Maintains	Hold	$190.00 → $205.00	55%

The case for and against

Updated Oct 14, 2026

Bull case

Illumina is viewed positively because its clinical sequencing business is showing durable momentum, with clinical consumables up 20% year over year ex-China for the second consecutive quarter and clinical markets now making up more than 50% of sales. The company’s core advantage remains its leading installed base and consumables pull-through, supported by low market penetration, improving reimbursement, and sticky demand in oncology testing and screening, where regulatory switching costs protect share. Longer term, new growth engines such as BioInsight, 5-base sequencing, single cell, protein prep, and spatial technologies should help offset pressure in academic research and support margin expansion and sustained revenue growth.

Bear case

Illumina is facing a weakened fundamental backdrop because its recent clinical growth acceleration to 17%–20% may not be durable, especially as customers push down per-sample unit economics and the read-through to supplier revenue is imperfect. Academic demand remains subdued, with greater competition and lower switching costs threatening continued softness or decline, while the research end-market is still not assumed to stabilize and pharma spending remains cautious. China is an additional drag, with sales forecast at only ~5% of 2026 revenue versus 10% a few years ago, and competition from Roche, MGI, private companies, and long-read sequencing peers is the strongest in 15 years.

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