10x Genomics price target lowered to $36 from $44 at BofA

BofA lowered the firm’s price target on 10x Genomics to $36 from $44 and keeps an Underperform rating on the shares. Q3 revenue came in ahead of expectations and the FY23 guidance was “raised unexpectedly,” says the analyst, who thinks the fiscal year guidance raise puts Q4 at risk. The risk “seems to skew to the downside,” especially given commentary from others in the space and the implied reacceleration in Chromium, the analyst tells investors. The firm’s lower target is based on lower multiple to reflect peer group multiples.