PacBio price target lowered to $6 from $7 at Scotiabank

Scotiabank lowered the firm’s price target on PacBio (PACB) to $6 from $7 and keeps an Outperform rating on the shares. The firm lowered its FY24 and FY25 revenue estimates following the company’s Q3 update, the analyst tells investors. The firm’s longer-term outlook for the company, however, remains intact, believing the company is highly differentiated and the recently accelerated pace of product innovations place the company in a good position for outsized growth.