Quanterix growth potential not reflected in shares, says Canaccord

Canaccord analyst Kyle Mikson says Quanterix reported solid revenue growth in Q1, driven by consumables revenue, albeit partially offset by a meaningful decline in instruments revenue. Quanterix’s near-term performance may be impacted by recent product introductions and transitions, implying its annual revenue may be skewed to the second half of 2024, the analyst tells investors in a research note. The firm says that although this may result in near-term pressure on the shares, the company’s growth potential is not reflected at current levels. It reiterates a Buy rating on Quanterix with a $25 price target.