Analyst Brendan Smith of TD Cowen maintained a Hold rating on Cytek Biosciences, retaining the price target of $4.00.
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Brendan Smith has given his Hold rating due to a combination of factors influencing Cytek Biosciences’ current market position. The company demonstrated resilience in Q3 with revenues slightly surpassing expectations, driven by strong performance in the APAC region and recurring revenues, which helped counterbalance challenges in the US and EMEA markets. Despite these positive signs, the overall market for flow cytometry appears to be either contracting or stagnating, which poses a challenge for Cytek’s growth prospects.
Smith notes that while Cytek remains a leader in its field, the broader market conditions, including persistent headwinds in the US and EMEA, limit visibility into a return to growth. The company’s reaffirmed guidance for FY25 reflects this uncertainty, with expectations of flat to slightly negative growth. Although there are bright spots, such as the successful launch of the Cytek Aurora Evo system and potential growth from new user fees related to Cytek Cloud, the lack of clear market improvement in FY26 remains a concern. Consequently, Smith maintains a cautious stance, awaiting more concrete signs of market recovery before considering an upgrade in the rating.
In another report released on October 31, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $4.00 price target.