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 ).
For further details see:
PacBio upgraded to buy at Cowen on 'growth transformation story'