William Blair analyst Matt Larew has maintained their neutral stance on TXG stock, giving a Hold rating today.
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Matt Larew’s rating is based on a combination of factors that reflect both the challenges and opportunities facing 10x Genomics. Despite a challenging macroeconomic environment and mixed results from peers, 10x Genomics reported better-than-expected third-quarter results and provided optimistic guidance for the fourth quarter. The company’s spatial consumables revenue, driven by Xenium, showed significant growth, and Chromium reactions continued to grow, although overall revenue was slightly down year-over-year.
However, the outlook remains cautious due to ongoing uncertainties such as the government shutdown and macroeconomic conditions, particularly affecting capital equipment. The company’s valuation, at 2.3 times its projected 2026 sales, is seen as a fair balance between the current uncertainties and the potential for long-term growth. Therefore, while there is momentum in certain areas, the near-term challenges and valuation considerations have led to a Hold rating, indicating a neutral stance on the stock’s immediate prospects.
In another report released today, J.P. Morgan also reiterated a Hold rating on the stock with a $15.00 price target.