UPDATE: Jefferies Cuts Target to $5 on Complete Genomics; Declining Unit Volume

Jefferies reduces its price target from $7 to $5 on Buy-rated Complete Genomics

as it adjusts unit volume forecasts lowers. Jefferies comments, "GNOM's 1Q12 revenue of $3.9M was ~$1M below consensus, partially owing to an unexpected revenue recognition deferral for ~200 units into 2Q12. We are trimming our 2012 & 2013 revenue forecasts to $30M (from $32.5M) and $55M (from $73M), respectively. Our price target moves to $5 (from $7) on lower cash flow forecasts." GNOM closed at $2.68 on Monday.