UPDATE: Piper Jaffray Upgrades Pacific Biosciences of California to Neutral, Raises PT Following 2Q13 Revenue Report

In a report published Friday, Piper Jaffray analyst William R. Quirk upgraded the rating on Pacific Biosciences of California PACB from Underweight to Neutral, and raised the price target from $2.00 to $3.10. In the report, Piper Jaffray noted, “Pacific Biosciences reported 2Q13 revenue of $6.0M, in line with our $6.1M estimate. During the quarter, PacBio validated 3 RS instruments, in line with our 3 estimate and added 7 orders (PJC: 4), yielding a net backlog of ~$6.2M or 10 instruments. PacBio received 54 upgrade orders (70% of installed base, 23 in 2Q13) as of the end of the quarter. We are encouraged with another quarter of better-than-expected RS placements and with a renewed sense of stability, we believe a Neutral rating is more appropriate.” Pacific Biosciences of California closed on Thursday at $2.67.