10x Genomics price target lowered to $25 from $53 at Stifel

Stifel lowered the firm’s price target on 10x Genomics to $25 from $53 and keeps a Buy rating on the shares. Shares have “gotten crushed” year-to-date, which the firm attributes primarily to a lack of confidence in a single cell business that, despite commanding estimated market share near 80%, has a highly uncertain growth trajectory and a likely decline this year. The firm surveyed 40 researchers in order to understand the moving parts and said some disruption seems likely through the second half and that its survey results do not point to expectations for a clear emergence of price elasticity, but adds that full-year consumables spending expectations for FY24 “remain surprisingly decent.”