10x Genomics price target lowered to $46 from $50 at Morgan Stanley

Morgan Stanley analyst Tejas Savant lowered the firm’s price target on 10x Genomics to $46 from $50. 10x Genomics reported a modest beat on Q2 revenues driven by single cell momentum while Xenium placements fell short due to continued macro challenges, the analyst tells investors in a research note. While visibility on recovery timing remains limited, the pullback over the last 12 months, low penetration and 10x’s wide portfolio breadth keeps the firm Overweight-rated.