10x Genomics downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded 10x Genomics to Peer Perform from Outperform without a price target. The analyst does not see a path to meaningful upside relative to Q2 expectations and continues to see risk to the company’s fiscal year guidance. There is also meaningful risk to current 2025 revenue expectations, the analyst tells investors in a research note. While Wolfe believe 10x’s “top-tier R&D engine remains” intact, it is less confident in near-term commercial execution as the company works to “re-find its footing.” The firm believes the company’s sales growth will remain below the construct needed to support a higher valuation in the near-term.