Cantor Fitzgerald analyst Jordan Abrams still expects Illumina's (ILMN) acquisition of Pacific Biosciences (PACB) to be approved in Europe after the Competition and Markets Authority referred the deal to a Phase 2 investigation. The CMA's initial due diligence on anti-competitive concerns was justified, but a better understanding of Pacific Biosciences technology will show that long-read in its current form is a complement, rather than a substitute, to short-read, Abrams tells investors in a research note after hosting an investor call with a competition specialist. He keeps a Neutral rating on Pacific shares with an $8 price target.