Illumina stock declines as shareholder voting results overdone - Evercore

• While Illumina shares are down 9% in Thursday afternoon trading following the company's annual meeting, Evercore ISI said the decline is overdone.
• In the voting, one of activist investor Carl Icahn's three backed nominees, Andrew Teno, won a seat on the board. Board chair John Thompson lost his set and CEO Francis deSouza kept his job.
• Evercorse analyst Vijay Kumar called the results a "incremental positive," adding that Illumina (NASDAQ:ILMN) stock should return to the $200-$210 range.
• With the proxy battle now behind it, Kumar is hopeful the company can focus its attention again on its core business.
• He rates Illumina (ILMN) at outperform with a $250 price target (~18% upside based on Wednesday's close).

More on Illumina

• Illumina director says company prepared if CEO, chairman tossed out - FT

• Glass Lewis backs Carl Icahn attempt to replace Illumina CEO and chair

• Illumina wins partial victory in Icahn battle as proxy firm ISS backs CEO DeSouza