UPDATE: Morgan Stanley Downgrades Pacific Biosciences to Underweight, Reiterates $1.50 PT
In a report published Monday, Morgan Stanley downgraded its rating on Pacific Biosciences of California (NASDAQ: PACB) to Underweight, and reiterated its $1.50 price target.
Morgan Stanley noted, “We expected the C2 chemistry to catalyze demand, yet bookings have sharply declined (6 in Q4, 2 in Q1, 1 in Q2). The system has unique traits and mgmt is optimistic noting signs of traction. However, weakening trends and the system's niche commercial appeal, high price, constrained funding and competitive landscape signals a more limited future potential than previously assumed. We cut our forecasts, now estimate 5 new bookings in 2H12 (prior 10) and 9 in '13 (prior 24).”
Pacific Biosciences of California closed on Friday at $2.00.
Latest Ratings for PACB
|Aug 2015||Cantor Fitzgerald||Initiates Coverage on||Buy|
|May 2015||William Blair||Upgrades||Market Perform||Outperform|
|Mar 2015||Stephens & Co.||Initiates Coverage on||Equalweight|
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