Moderna price target lowered to $125 from $180 at RBC Capital

RBC Capital analyst Luca Issi lowered the firm’s price target on Moderna to $125 from $180 and keeps an Outperform rating on the shares. The company reported a “challenging” Q3 with COVID guidance down from “$6B-$8B” to “at least $6B” and proactive resizing of manufacturing resulting in $3.1B one-time charge, the analyst tells investors in a research note. The firm adds however that the stock trades at an attractive valuation given current enterprise value implies 4-times expected next year revenue and assigns no value to the company’s current pipeline.