10x Genomics, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Daniel Brennan from TD Cowen maintained a Hold rating on the stock and has a $14.00 price target.
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Daniel Brennan has given his Hold rating due to a combination of factors affecting 10x Genomics. Despite a challenging macroeconomic environment, the company managed to outperform expectations slightly in its core sales, with single cell and spatial instruments and consumables performing better than anticipated. However, the outlook for the second half of the year remains slightly below consensus, reflecting ongoing macroeconomic pressures such as NIH funding and capital expenditure budgets.
While the company has a strong balance sheet and attractive elements in its leading franchises, the lack of clarity on when market conditions will improve contributes to the Hold rating. The acquisition of Scale Biosciences is a strategic move to enhance their product offerings, but the overall market conditions still pose uncertainties. As a result, despite positive long-term demand drivers, the recommendation remains cautious.
Brennan covers the Healthcare sector, focusing on stocks such as Bruker, Illumina, and Thermo Fisher. According to TipRanks, Brennan has an average return of 9.2% and a 43.70% success rate on recommended stocks.
In another report released on July 23, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $14.00 price target.