Analyst Kyle Mikson CFA of Canaccord Genuity maintained a Buy rating on 10x Genomics (TXG – Research Report), retaining the price target of $15.00.
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Kyle Mikson CFA has given his Buy rating due to a combination of factors that highlight 10x Genomics’ strategic positioning and growth potential. The company is poised to benefit from its involvement in large-scale projects, such as the Chan Zuckerberg Initiative’s Billion Cells Project, which is expected to generate significant revenue over time. Additionally, the increasing use of artificial intelligence and machine learning in single cell and multiomics studies is likely to enhance the company’s offerings and drive further adoption.
Kyle Mikson also notes 10x Genomics’ efforts to expand its presence in the biopharma sector, aiming to increase its revenue mix from biopharma clients. The company’s strong demand for Xenium consumables and its recent commercial restructure, which resulted in a modest increase in headcount, further support its growth trajectory. Moreover, 10x Genomics’ sequencer agnostic approach minimizes geopolitical risks, particularly in China, positioning it well in the global market. These factors collectively suggest that the company’s capabilities and market position are undervalued, justifying the Buy rating.
According to TipRanks, Mikson CFA is an analyst with an average return of -9.9% and a 32.30% success rate. Mikson CFA covers the Healthcare sector, focusing on stocks such as Illumina, Akoya Biosciences, and Repligen.
In another report released on June 24, Barclays also maintained a Buy rating on the stock with a $13.00 price target.