PacBio price target lowered to $10 from $14 at Canaccord

Canaccord lowered the firm’s price target on PacBio to $10 from $14 but keeps a Buy rating on the shares. The analyst states that the firm’s reduced price target is driven by more conservative long-term estimates and multiple compression after recently speaking with the company management. Canaccord adds that the potential issues regarding the sales backlog and funnel for Revio instruments as well as price elasticity of demand could temper the company’s performance.