Moderna downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Moderna (MRNA) to Neutral from Buy with a price target of $51, down from $99. The recent product revenue guidance represents the second in a series of negative revisions over the last six months, the analyst tells investors in a research note. The firm says that while the guidance is potentially at an achievable level, Moderna has limited visibility on the revenue stream for its respiratory vaccine business. With the company’s overall operating expenses elevated, Goldman assumes cash breakeven occurs in 2029 for Moderna and models for equity offerings in 2028 and 2029. It now has lower conviction in the company’s strategy.