10x Genomics price target lowered to $63 from $68 at Stifel

Stifel lowered the firm’s price target on 10x Genomics to $63 from $68 and keeps a Buy rating on the shares. While below-consensus guidance for FY24 is “perhaps not all that surprising given the early-year philosophy” evidenced by 2023’s initial outlook being easily beaten, this year is “admittedly a bit different” as comps are tougher and the company does not have the initial Xenium wave as “a trump card,” the analyst tells investors. However, the firm still feels “good about multiple sources of upside in the model,” the analyst added.