JP Morgan upgraded Illumina to Overweight from Neutral, arguing the sequencing platform’s customer retention and spend outlook have become clearer. The bank cited survey work with 62 Illumina customers—primarily North America—showing expected instrument and consumables increases in 2027–2028. A key driver was what analysts described as “switching friction” among clinical customers, with respondents emphasizing satisfaction with operational burden and platform fit when considering alternatives. The note also highlighted multiomics as an additional growth lever, reinforcing the view that Illumina’s installed base may remain a stabilizing factor even as competition evolves in sequencing technologies.