Cytek Biosciences downgraded to Sell from Buy at Goldman Sachs

Goldman Sachs analyst Matthew Sykes double downgraded Cytek Biosciences (CTKB) to Sell from Buy with a price target of $4.50, down from $7. The firm believes the consensus expectation for a sales recovery in 2025 “is too steep,” particularly as competitors with larger budgets and commercial reach have a number of recent and upcoming launches potentially impacting Cytek’s ability to continue market share gains. This dynamic has already started to impact Cytek sales through Becton Dickinson’s S8 Cell Sorter launch, which management noted was a partial driver for a Q4 revenue miss, as customers have delayed instrument purchases as they evaluate the competitor’s new instrument, the analyst tells investors in a research note. Goldman sees a challenging path forward for Cytek’s global academic and government end market.