Illumina, Inc. Upgrading to Overweight on a Sticky Clinical User Base and Test Volume Runway Following Customer Survey; PT to $185

Research evidence excerpt

Illumina, Inc. Upgrading to Overweight on a Sticky Clinical User Base and Test Volume Runway Following Customer Survey; PT to $185

J P M O R G A N North America Equity Research

10 June 2026

Illumina, Inc.

Upgrading to Overweight on a Sticky Clinical User Base ▲Overweight

and Test Volume Runway Following Customer Survey; Previous: Neutral

PT to $185 ILMN, ILMN US

Price (09 Jun 26):$160.03

▲Price Target (Dec-26):$185.00

Prior (Dec-26):$125.00

Life Science Tools & Diagnostics

Casey Woodring AC

(1-212) 622-9074

casey.woodring@jpmchase.com

Marta Nazarovets Zaremba

Illumina (ILMN) has been one of the most highly debated stocks in our space over (1-212) 622-6046

marta.zaremba@jpmchase.com

the last year and a half since Roche (ROG.SW, covered by J.P. Morgan analyst

Jaden RismayRichard Vosser) introduced its Sequencing by Expansion (SBX) technology

(1-212) 622-8479

underpinning its new Axelios 1 sequencer (see our AGBT note for more). We have jaden.rismay@jpmchase.com

been on the sidelines this year with a Neutral rating, looking for more visibility into

Sebastian Sandler

the competitive landscape in addition to Academic & Government (A&G) budget (1-212) 622-8464

constraints. That said, over the last few quarters we have become more comfortable sebastian.sandler@jpmchase.com

with ILMN’s customer stickiness, particularly among large, high-growth clinical J.P. Morgan Securities LLC

customers. Our survey (see slide deck here) of 62 respondents (30 research and 32

clinical) leans toward a favorable outlook for ILMN, showing that both research

Quarterly Forecasts (FYE Dec)and clinical customer groups expect instrument and consumables spending in 2027

and 2028 to be above ILMN’s current organic growth trends and long-term target Adj. EPS ($)

2025A 2026E 2027E

of +HSD organic growth.