Morgan Stanley analyst Terence Flynn lowered the firm’s price target on Moderna (MRNA) to $38 from $70 and keeps an Equal Weight rating on the shares after the company announced 2024 product sales of $3.0B-$3.1B and also lowered 2025 revenue guidance to $1.5B-$2.5B from $2.5B-$3.5B. While the enterprise value of the stock appears to be pricing in about $2B-$2.5B in revenue, so the stock “could be settling into a support level,” investors are likely to remain focused on commercial execution as Moderna competes against larger, more scaled companies in COVID, RSV markets and flu in the future, pipeline execution and spending levels.
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