PacBio price target lowered to $14 from $15 at Canaccord

Canaccord analyst Kyle Mikson lowered the firm’s price target on PacBio to $14 from $15 and keeps a Buy rating on the shares. The company’s Q4 results and 2024 revenue guidance are solid, but the shares may experience near-term pressure given macro headwinds and increased execution risk, the analyst tells investors in a research note. The firm says the Q4 results were impacted by lengthening sales cycles and a difficult funding environment. However, PacBio remains well- positioned for “robust growth over time, despite unfavorable near-term macro headwinds,” contends the firm.