Illumina (ILMN) Gets Bernstein’s Market Perform Rating Amid NovaSeq X Recovery

Illumina (ILMN) Gets Bernstein’s Market Perform Rating Amid NovaSeq X Recovery Abdul Rahman Wed, July 1, 2026 at 11:30 PM GMT+2 2 min read ILMN Illumina, Inc. (NASDAQ: ILMN ) is one of billionaire Cliff Asness' top 10 healthcare stock picks . On June 26, Bernstein SocGen analyst Eve Burstein resumed coverage of Illumina, Inc.

(NASDAQ:ILMN) with a Market Perform rating and a price target of $185. Bernstein SocGen Resumes Illumina (ILMN) Coverage and Sees a Recovery Story Built Around a Next-Generation DNA Sequencer According to Burstein, the backdrop to this coverage resumption is a company that endured a genuinely difficult stretch. She noted that beginning in early 2025, China placed the company on its Unreliable Entities List and restricted imports of its sequencing instruments.

This was a double blow that hit the company's revenue estimates hard through much of last year, Burstein said. Rather than staying stuck, Illumina leaned into its next-generation NovaSeq X sequencer and an expanding portfolio of clinical applications, including uses in cancer detection, rare disease diagnosis, and reproductive health. That pivot, in Burstein's view, has fueled a significant recovery.

Illumina also benefited greatly from many things going right for the life science tools and diagnostics sector, Burstein noted. She stated that the sector is seeing new drug approvals and trial starts. Even funding is better in the last 12 months versus the 12 months prior.

The analyst is of the view that the increased funding will boost customer spend especially while AI drives demand for semiconductor-related tools. Illumina, Inc. (NASDAQ:ILMN) is a life sciences technology company.

It develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function, including DNA sequencing and array-based platforms. While we acknowledge the potential of ILMN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the   best short-term AI stock .

READ NEXT: 10 Best Stocks to Buy Now for Good Returns and 10 Best Growth Stocks to Buy According to Billionaire Dan Loeb . Disclosure: None. Follow Insider Monkey on Google News .