On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Sell from Neutral at UBS... Banco Santander (SAN) downgraded to Neutral from Overweight at JPMorgan... Crocs (CROX) downgraded to Neutral from Overweight at Piper Jaffray... EZchip (EZCH) downgraded to Hold from Buy at Brean Capital... Illumina (ILMN) downgraded to Market Perform from Outperform at Leerink... ServisFirst (SFBS) downgraded to Hold from Buy at Sandler O'Neill.
Illumina downgraded to Market Perform from Outperform at Leerink Leerink analyst Daniel Leonard downgraded Illumina to Market Perform citing a less compelling risk/reward over the next 12 months amid uncertainty regarding the next driver of growth in research. The analyst cut his price target for shares to $185 from $225.
Amoy, Illumina enter into strategic collaboration Amoy Diagnostics and Illumina (ILMN) announced a strategic collaboration to accelerate the adoption of precision medicine and targeted therapies in China. Under the collaboration, Amoy will develop and commercialize a series of oncology-related tests based on Illumina's next-generation sequencing platforms, including the recently released research use only TruSight Tumor 15 as transferred from Illumina to Amoy. The collaboration reflects the commitment of both companies to provide integrated solutions to meet clinical needs in China.