Moderna price target lowered to $143 from $178 at UBS

UBS lowered the firm’s price target on Moderna to $143 from $178 and keeps a Buy rating on the shares. The firm cut its COVID estimates meaningfully to reflect a conservative COVID outlook, but still sees shares as undervalued for both COVID/RSV and the long-term pipeline, the analyst tells investors in a research note. UBS continues to think the overfocus on COVID has resulted in Moderna’s mRNA pipeline beyond COVID getting limited credit in shares and continues to see upside from emerging respiratory vaccine portfolio.