Piper Jaffray Downgrades Pacific Biosciences of California (PACB) to Neutral
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Rating Summary:
9 Buy, 11 Hold, 0 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
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Piper Jaffray downgraded Pacific Biosciences of California (NASDAQ: PACB) from Overweight to Neutral with a price target of $11.00 (from $9.00).
Analyst William Quirk commented, "PacBio reported 4Q15 revenue of $36.3M, ~in line with the Street's $36.6M forecast. EPS of $(0.02) was also in line. PacBio received 49 Sequel orders during 4Q15, shipped 10 and installed 6, in line with the prelim. report. PacBio expects FY16 revenue of $93M (2H16 weighted), above Street consensus ($81.5M). Despite strong guidance, we are downgrading PACB to Neutral on valuation with shares trading at 10.7x FY17 EV/Rev (ILMN traded at 10.9x following the X Ten launch). Additionally, we believe a potential Roche acquisition is already somewhat factored into the share price and see limited room for further appreciation. We recognize near-term operational hurdles for ramping Sequel production; a delay could impact guidance, in our opinion. Based on valuation and limited insight into a potential transaction, we are moving to the sidelines."
For an analyst ratings summary and ratings history on Pacific Biosciences of California click here. For more ratings news on Pacific Biosciences of California click here.
Shares of Pacific Biosciences of California closed at $12.37 yesterday.
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