Pacific Biosciences price target raised to $13 from $12 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Pacific Biosciences to $13 from $12 and keeps a Neutral rating on the shares. The company’s Q1 revenue represented y/y growth of 17%, driven by stronger-than-anticipated Revio placements during the quarter, the analyst tells investors in a research note. The firm remains Neutral due to valuation, but sees upside if the company can demonstrate consistently strong demand for Revio following its initial launch, adoption of Onso, and progress in its long-term gross margin guidance of 55%-60%.