JP Morgan upgraded Illumina to Overweight from Neutral and set a $185 price target, citing growing visibility into demand for sequencers and consumables. The analyst highlighted customer “stickiness” after surveying 62 Illumina customers, including 30 academic researchers and 32 clinical organizations. JP Morgan said respondents expect instrument and consumables spending to increase notably in 2027 and 2028. The note also emphasized “meaningful switching friction” and limited urgency among clinical customers to add alternative sequencing vendors. The investment case also points to potential multiomics expansion as a growth lever, as customers seek integrated assays rather than standalone sequencing workflows.