Moderna price target lowered to $125 from $150 at BofA

BofA lowered the firm’s price target on Moderna (MRNA) to $125 from $150 and keeps a Neutral rating on the shares after Pfizer (PFE) announced an amended U.S. supply agreement and lower 2023 revenue guidance that was largely due to COVID products. Following Pfizer’s updated thoughts on the COVID-19 vaccination landscape, the firm took another look at its Moderna model and lowered its 2023 COVID-19 vaccination sales forecast to $5.8B from $7.1B. The firm continues to believe that COVID-19 vaccination revenue is “unlikely to be durable” and while it likes the optionality and cost-effectiveness from a combination respiratory vaccine, “we think there’s still wood to chop from a clinical and regulatory perspective,” the analyst tells investors.