BioNTech price target lowered to $146 from $159 at BofA

BofA lowered the firm’s price target on BioNTech (BNTX) to $146 from $159 and keeps a Buy rating on the shares. BioNTech reported FY23 COVID revenues of EUR 3.8B, below the previous guidance of EUR 4B, as it highlighted that an unexpected EUR 300M write-down from partner Pfizer (PFE) impacted Q4 revenues and also provided updated FY24 COVID guidance of EUR 2.5B-3.1B, below the previous view of EUR 3B. While BofA continues to assume conservative uptake near-term, it reiterates the view that combination vaccines with other respiratory viruses could be a key driver of long-term, steady COVID revenues and adds it is encouraged by the advancement of the oncology pipeline.