Deutsche Bank analyst Justin Bowers downgraded 10x Genomics to Hold from Buy with a price target of $25, down from $55. The analyst says increasing competition is eroding the inelastic demand that 10x Genomics’ market-leading single cell platform once enjoyed. Chromium growth will remain under pressure in the near term, and sustain greater volume declines and pricing pressure than current management expectations, and thus perpetuate the company’s margin degradation, the analyst tells investors in a research note. The firm says its view is based largely on recent discussions with several single cell core labs and other industry participants.
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