Moderna price target lowered to $185 from $205 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Moderna to $185 from $205 on higher expenses and CapEx, while keeping an Equal Weight rating on the shares. The firm notes Q4 was generally in-line. 2023 COGS of 35%-40% was above expectations and the most notable downside driver in Morgan Stanley’s forecasts. Potential early filing for PCV, 2024 Flu and RSV launches and a more robust U.S. commercial COVID market represent potential near-term upside drivers, the firm adds.