Maintaining a Neutral Hold: Solid Q4 Beat but Limited 2026 Growth Visibility and Valuation Upside

Daniel Brennan, an analyst from TD Cowen, maintained the Hold rating on 10x Genomics. The associated price target was raised to $19.00.

Daniel Brennan has given his Hold rating due to a combination of factors, including a solid fourth‑quarter beat and an outlook that still points to a challenging capital spending backdrop. Management’s 2026 revenue guidance, which closely tracks consensus, implies that the first half of 2026 will resemble the recent environment, with continued pressure on U.S. academic and government budgets even as consumables grow faster than instruments.

At the same time, Brennan acknowledges improving management tone, early traction from new offerings like Flex Apex, and expansion into additional markets, though these positives are partly offset by pricing headwinds and reliance on continued consumables strength. Given the stock’s strong run since the second half of 2025 and a valuation that is reasonable but not compelling, he believes investors now need clearer evidence of a growth acceleration beyond the initial 2026 guide, leading him to maintain a neutral Hold stance while modestly lifting the price target to $19.

According to TipRanks, Brennan is a 5-star analyst with an average return of 19.2% and a 53.59% success rate. Brennan covers the Healthcare sector, focusing on stocks such as Exact Sciences, Waters, and Natera.

In another report released on February 5, Piper Sandler also maintained a Hold rating on the stock with a $19.00 price target.