10x Genomics downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Rachel Vatnsdal downgraded 10x Genomics to Neutral from Overweight with a price target of $20, down from $40. The analyst believes the shares will likely be range-bound given investor concerns around increased competition in the spatial and single cell markets and reduced revenue growth in single cell driven by a continued challenging macroeconomic environment. While the final court decisions in the U.S. and European Union are still pending, the recent decision against 10x Genomics adds to the competitive pressure on the company’s spatial instruments and limits visibility on the trajectory of its spatial portfolio in the near term, the analyst tells investors in a research note.