10x Genomics downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Matthew Sykes downgraded 10x Genomics to Sell from Neutral with a price target of $35, down from $55, which represents 18% downside from current levels. The analyst expects a “materially slower cadence” to the company’s sales growth rate in 2023 and 2024 versus consensus as it transitions to a multi-market, multi-product company. The growth rate for 10x’s single cell analysis business is below what analysts have modeled over the next few years as its penetration into the academic market “has hit a ceiling amongst the high utilization, core lab customers,” Sykes tells investors in a research note. He adds that the company’s spatial and in situ offerings “are not yet of the size to help offset the deceleration in their core business.”

Related posts

Advisors in Focus- January 6, 2021

Gavin Maguire

Advisors in Focus- February 15, 2021

Gavin Maguire

Advisors in Focus- February 22, 2021

Gavin Maguire

Advisors in Focus- February 28, 2021

Gavin Maguire

Advisors in Focus- March 18, 2021

Gavin Maguire

Advisors in Focus- March 21, 2021

Gavin Maguire