Scotiabank lowered the firm’s price target on PacBio to $7 from $8 and keeps an Outperform rating on the shares. The firm is adjusting its revenue estimates for FY24 and FY25, assuming a more gradual recovery from end market capital spending constraints, the analyst tells investors. While the firm is cautious on the company’s near-term growth, Scotiabank continues to believe there is significant potential for HiFi sequencing when end market conditions improve.
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