PacBio price target lowered to $13 from $16 at JPMorgan

JPMorgan lowered the firm’s price target on PacBio to $13 from $16 and keeps an Overweight rating on the shares following the Q4 report. The company issued “weaker-than-hoped” guidance as management pointed towards the difficult macro backdrop driving cautious customer spend and impacting Revio placements, the analyst tells investors in a research note. The firm, however, remains confident in the long-term trajectory of the long-read sequencing market, and continues to believe PacBio is well positioned and supported by a healthy product pipeline.