TD Cowen lowered the firm’s price target on PacBio to $2.50 from $12 and keeps a Buy rating on the shares. The firm noted they preannounced a big 1Q miss, cut 24 guidance, pulled LT guidance and announced annualized opex cuts. Cowen still believes in the long-read, and the Revio long-term outlook, but clearly the ramp is slower/choppier.
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