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JPMorgan analyst Tycho Peterson reiterates an Overweight rating on Berkeley Lights with a $100 price target with the stock down 30% in the past two days following a short report by Scorpion Capital.

After speaking with management, the analyst sees "little merit" in most of the accusations made in the short report and he believes the underlying value proposition of Berkeley's Beacon platform stays intact.

The company had customers on-site who expressed no concern in reaction to the Scorpion report and management remains confident in the path forward, Peterson tells investors in a research note. The analyst believes the stock selloff is overdone and "creates an attractive opportunity to revisit the story."