10x Genomics initiated with an Overweight at Stephens

Stephens analyst Mason Carrico initiated coverage of 10x Genomics with an Overweight rating and $65 price target. The analyst views 10x as a "high-quality company with a track record of innovation and secular growth tailwinds at its back." The company has established itself as the market leader within single cell and increased its exposure to the high-growth spatial market through product launches, the analyst tells investors in a research note. The firm believes 10x has a "competitive moat" around single cell, and it sees this business reaccelerating as new products are adopted.