10x Genomics price target lowered to $32 from $50 at Canaccord

Canaccord analyst Kyle Mikson lowered the firm’s price target on 10x Genomics to $32 from $50 and keeps a Buy rating on the shares. The target cut is driven by lower revenue estimates for the company’s single-cell business in the near and long term, the analyst tells investors in a research note. The firm says Illumina’s acquisition of Fluent BioSciences may negatively impact 10x’s single-cell business. That said, the near-term impact will likely not be significant, and the company may have options to mitigate any headwinds, adds Canaccord. It notes the revised price target suggests the shares offer attractive upside potential.