BofA lowered the firm’s price target on Moderna to $150 from $175 and keeps a Neutral rating on the shares. Moderna had a “solid” Q2, but the firm thinks that investors are more focused on COVID-19 durability concerns and the pipeline. The firm’s lowered target reflects increased operating expense spending expectations and reduced terminal growth to reflect the changing clinical and commercial landscape.
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Read More on MRNA:
- Moderna downgraded to Market Perform from Outperform at TD Cowen
- Moderna sees 2023 COVID-19 vaccine sales of $6B-$8B
- Moderna reports Q2 EPS ($3.62), consensus ($3.92)
- Deutsche downgrades Moderna to Hold on low revenue visibility
- Moderna downgraded to Hold from Buy at Deutsche Bank
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