10x Genomics price target lowered to $20 from $23 at Citi

Citi analyst Patrick Donnelly lowered the firm’s price target on 10x Genomics (TXG) to $20 from $23 and keeps a Buy rating on the shares following the Q4 report. While management factored in a $7M impact related to the National Institutes of Health funding “noise,” the guidance does not include any headwinds related to the recent direct/indirect costs news which is likely to remain an overhang on the shares, the analyst tells investors in a research note. The firm moved estimates lower post the earnings report.