Moderna price target raised to $120 from $110 at BofA

BofA analyst Geoff Meacham raised the firm’s price target on Moderna (MRNA) to $120 from $110 and keeps a Neutral rating on the shares. The firm attributes pressure in 2023 to rotation out of COVID-19 specific names, uncertainty on long-term COVID-19 demand, a lack of clarity on the possibility for accelerated approval for Moderna’s INT vaccine in combination with Merck’s (MRK) Keytruda for adjuvant melanoma and P&L concerns. However, while noting that its forecasts remain below the Street, the firm raised its price target given the more favorable rates environment.