Canaccord analyst Kyle Mikson reiterated a Buy rating and $32.00 price target on 10X Genomics (NASDAQ: TXG).

The analyst commented: "We reiterate our BUY rating on 10x Genomics (TXG) shares and maintain our price target at $32. On Tuesday, June 9, TXG announced its acquisition of Proteintech Genomics (a subsidiary of Proteintech Group), expanding its capabilities in multimodal analysis and proteomics. With Proteintech Genomics's high-plex proteomic assays developed specifically for single-cell and spatial application on 10x platforms, integration risk appears limited while adding a complementary protein detection layer. Following our discussion with the company, we understand the near-term financial impact will likely be modest. That said, we view the transaction as a key step toward fully integrated multiomic offerings. Separately, we note ILMN's new StrataMap Spatial Solution introduces a new competitive dynamic. Overall, we believe TXG is well positioned to extend its leadership in multiomics, with the Proteintech acquisition strengthening this effort and supporting continued adoption (including the upcoming Atera launch in 2H26)."

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Shares of 10X Genomics closed at $30.59 yesterday.