PacBio price target lowered to $3.50 from $10 at Canaccord

Canaccord analyst Kyle Mikson lowered the firm’s price target on PacBio to $3.50 from $10 and keeps a Buy rating on the shares, though the firm’s confidence has declined following the company’s “alarmingly large” Q1 miss and cut to 2024 and long-term revenue guidance. The weak preliminary Q1 results were driven by weaker-than-expected instrument placements and soft consumables utilization, which raise questions regarding ongoing demand for Revio, specifically the company’s ability to generate enough orders to achieve its updated full-year guidance, the analyst tells investors.