PacBio price target lowered to $8 from $9 at Barclays

Barclays analyst Luke Sergott lowered the firm’s price target on PacBio to $8 from $9 and keeps an Equal Weight rating on the shares. The company reported a “beat and raise” quarter on better placements and pull-through, but management took a conservative tone with regards to 2024 on a tougher macro leading to sales cycles trending toward the higher end of the 6-9 month range, the analyst tells investors in a research note.