Wolfe Research initiated coverage of 10x Genomics with an Outperform rating and $55 price target. 10x Genomics’ unique track record of customer-driven “feedback loop” technology development has created a rapid path to roughly $1B in revenue, the potential for 70%+ gross margin, and near-term cash flow, the analyst tells investors in a research note. The firm added that the “scarcity value” associated with this profile renders 10x an Outperform.
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