BofA lowered the firm’s price target on 10x Genomics to $36 from $45 and keeps a Neutral rating on the shares. The firm thinks 2024 guidance “could be out of reach” after Q1 revenue came in below expectations, and is “somewhat surprised TXG management didn’t lower the outlook,” adding that BofA has cut estimates for FY24 and outyears as the firm awaits evidence that 10x can reaccelerate single cell consumables. However, the firm sees both meaningful upside risk and downside risk, so it reiterates a Neutral rating on the shares.
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