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
|Apr 2016||First Analysis||Initiates Coverage on||Overweight|
|Apr 2016||MKM Partners||Initiates Coverage on||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.