Raymond James lowered the firm’s price target on Ginkgo Bioworks to $3.50 from $5 and keeps an Outperform rating on the shares. While the firm sees Ginkgo’s just-announced strategic AI partnership with Google Cloud “enabling greater confidence in the likely success of projects,” the firm is trimming its 2025 year-end target of new projects to 200 from 250 after having taken time to digest the potential implications of Ginkgo’s revenue model shift, which drives its lower target on the shares.
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