TD Cowen analyst Dan Brennan upgraded Pacific Biosciences to Outperform from Market Perform with a price target of $15, up from $13. Pacific is a "growth transformation story" under CEO Christian Henry where investor bias has shifted positive, though the stock’s high multiple and expectations "keeps many investors away," the analyst tells investors in a research note. The firm says its "bullish" customer survey reflects upside to placements and pull through, along with a material budget shift to long-read sequencing. It believes now is the time to "get on board this multi-year story." Long-read sequencing technology will become a more significant form factor in genomics and the sequencing market going forward, with Pacific Biosciences a key beneficiary, TD Cowen contends.
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