PACB - PacBio upgraded to buy at Cowen on 'growth transformation story'

2023-03-31 09:22:21 ET

• Cowen has upgraded PacBio to buy from hold saying that the biotech's present management is leading "a growth transformation story."
• The firm upped its target price to $15 from $13 (~5.4% upside based on Thursday's close).
• Shares are up ~8% in premarket trading.
• Analyst Dan Brennan said the now is the time to buy PacBio ( NASDAQ: PACB ) as the firm's survey of the company's customers indicates they intend to purchase more products which would drive upside.
• He noted that could translate to upside of 6% to 2023 consensus, 14% to 2024 and 12% to 2025.
• "Our bullish customer survey reflects upside to placements and pull through, along with a material budget shift to long reads," Brennan wrote.
• Read why Seeking Alpha contributor Stephen Simpson is also bullish on PacBio ( PACB ).

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