Guggenheim analyst Evan Wang initiated coverage of Moderna with a Neutral rating and no price target. COVID remains an important near-term driver, though "Moderna is not just a COVID story" with expansion to RSV, flu, oncology, therapeutics, and editing, says the analyst, who thinks 2023 guidance is "likely reflected in the stock." The key for 2023 is delivering on expectations for updated flu vaccine mRNA-1010 and while the firm’s "best guess is success," the analyst is more cautious than the Street and warns that "failure could lead to material downside revision."
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