Canaccord Genuity Reiterates Buy Rating on 10X Genomics (TXG)

Canaccord Genuity analyst Kyle Mikson reiterated a Buy rating and $32.00 price target on 10X Genomics (NASDAQ: TXG).

The analyst commented: "We reiterate our BUY rating on 10x Genomics (TXG) shares and maintain our price target at $32. Although 10x's launch of a lower-cost instrument for single-cell analysis may have mixed readthroughs, we remain bullish on the company's long-term growth trajectory. After the market close on Tuesday, September 3, 10x announced the launch of the Chromium Xo instrument. The Chromium Xo has a much lower price point than the company's other instruments for single-cell analysis, which may help drive increased shipments amid the current macro pressures on capital equipment spending. However, the announcement may also imply 10x is adjusting its product strategy given competitive factors, and that the ongoing macro headwinds may persist for the foreseeable future. That said, we think an expanded installed base would be positive, as 10x can upgrade users to more comprehensive single-cell platforms with greater consumables revenue potential (i.e., pull-through). With nearly 40% potential upside
to our price target, we view TXG shares as attractive."

For an analyst ratings summary and ratings history on 10X Genomics click here. For more ratings news on 10X Genomics click here.

Shares of 10X Genomics closed at $23.03 yesterday.

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