PacBio price target lowered to $15 from $17 at Canaccord

Canaccord analyst Kyle Mikson lowered the firm’s price target on PacBio to $15 from $17 and keeps a Buy rating on the shares. The firm said although the company’s 3Q results were impressive, the shares may experience near-term pressure as the company noted macro headwinds may hinder 2024 performance which is driving their price target decrease.