Scotiabank lowered the firm’s price target on PacBio to $8 from $15 and keeps an Outperform rating on the shares. The company’s preannounced Q1 results were disappointing, with the company attributing the shortfall to more customers delaying instrument purchases, the analyst tells investors. The company saw underperformance across all regions and lowered its FY24 revenue guidance, the firm adds.
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Read More on PACB:
- PacBio price target lowered to $2.50 from $12 at TD Cowen
- PacBio price target lowered to $3.50 from $10 at Canaccord
- PacBio sees FY24 revenue $170M-$200M, consensus $238.67M
- PacBio Announces Preliminary First Quarter 2024 Revenue and Updates 2024 Revenue Guidance
- PacBio plans to reduce annualized operating expense run rate by $50M-$75M
