10x Genomics downgraded to Neutral at Guggenheim on risk to missing guidance

As previously reported, Guggenheim downgraded 10x Genomics to Neutral from Buy and removed the firm’s prior $41 price target on the shares. After a series of checks with key opinion leaders, the firm believes that there is risk that 10x will come up light of 2024 revenue guidance and that current 2025 consensus revenue expectations could be too high, the analyst tells investors. The firm’s “key concerns” are that the company’s single cell franchise will continue to struggle due to the macro environment impact on research funding and cannibalization by its own spatial product, the analyst added.