HSBC analyst Yifeng Liu downgraded Moderna to Reduce from Hold with a price target of $86, up from $75. Moderna’s outlook for 2024 is underpinned by prospects for its COVID-19 vaccine revenue and RSV launch, the analyst tells investors in a research note. However, the firm is “skeptical” of the company’s two Phase 3 data readouts for its personalized cancer vaccine program in the medium term, noting RSV vaccine efficacy concerns. Despite the pipeline de-risking, the recent RSV vaccine data update indicates further risk to near-term growth, contends HSBC.
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