Balanced Risk/Reward Keeps 10x Genomics at Hold Despite Solid Execution and Discounted Valuation

William Blair analyst Matt Larew has maintained their neutral stance on TXG stock, giving a Hold rating yesterday.

Matt Larew has given his Hold rating due to a combination of factors related to 10x Genomics’ recent performance and its outlook. He notes that preliminary fourth-quarter revenue modestly exceeded both his and the Street’s expectations, with solid growth in consumables and a strong sequential rebound in instrument sales across both single-cell and spatial platforms. The company also delivered a resilient full-year 2025 performance despite a difficult macroeconomic backdrop, suggesting operational strength and positioning for potential acceleration next year. However, management did not offer additional color on intraquarter dynamics or provide guidance for 2026, leaving a key gap in visibility at a time when investors are focused on how the macro environment will evolve.

At the same time, Larew highlights that the stock’s current valuation—trading at about 3.4 times his 2026 revenue estimate—sits below the roughly 4-times-sales multiple of the broader omics peer group, implying some relative discount is already reflected in the shares. This discount, in his view, balances the company’s strong product momentum against uncertainties around future growth and macro headwinds. As a result, he concludes that the risk/reward profile is fairly balanced at present levels, supporting a Market Perform (Hold) stance rather than a more decisive Buy or Sell recommendation.

Larew covers the Healthcare sector, focusing on stocks such as AptarGroup, Thermo Fisher, and Waters. According to TipRanks, Larew has an average return of -0.5% and a 52.50% success rate on recommended stocks.

In another report released yesterday, TD Cowen also maintained a Hold rating on the stock with a $18.00 price target.