TD Cowen analyst Dan Brennan downgraded 10x Genomics to Hold from Buy with a price target of $32, down from $57. Q1 results were similar to the recent quarters where single cell missed, offset by continued spatial strength and upside. However, with single cell accounting for about 65% of revenues, pressure continuing, visibility on a recovery limited and forecasts for spatial already reflecting strong growth, the firm sees a more balanced risk/reward, the analyst tells investors.
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