JP Morgan upgraded Illumina to Overweight and set a $185 price target after surveying instrument and clinical customers about the sequencing competitive landscape. The analyst said Illumina’s “customer stickiness” is increasing in visibility, especially among large, high-growth clinical sites that are less urgent to switch vendors. The firm conducted a survey of 62 Illumina customers, including 30 academic and 32 clinical, primarily in North America. JP Morgan reported respondents expect instrument and consumables spending to increase notably in 2027 and 2028. The note also cited “meaningful switching friction” and limited urgency to add new sequencing vendors from clinical customers, while pointing to potential growth drivers beyond core sequencing, including Illumina’s multiomics offerings. For genomics and diagnostics suppliers, the signal is that purchasing behavior may remain more resilient than expected even as competitors gain attention, which can influence near-term revenue expectations for platform and consumables cycles.