Moderna upgraded to Buy from Neutral at UBS

UBS analyst Eliana Merle upgraded Moderna to Buy from Neutral with a price target of $191, down from $221. The shares are down 35% year-to-date and 75% from their pandemic highs in 2021, the analyst tells investors in a research note. The firm acknowledges the uncertainty around the endemic COVID market and Moderna’s 2023 revenue, but says the stock’s pullback has begun to reflect the significant risk to its COVID vaccine revenues but not its pipeline beyond COVID. It says Moderna has made pipeline progress with a line of sight to the next generation of mRNA vaccines, which is underappreciated at current share levels.