Oppenheimer upgrades Moderna on increasing vaccine visibility

Oppenheimer analyst Hartaj Singh upgraded Moderna to Outperform from Perform with a $142 price target. The firm sees “increasing visibility” on the company’s Covid-19 vaccine sales and says catalysts in 2024 and 2025 give it reason to believe Moderna could be a five-product commercial company by 2026. The company’s Covid-19 vaccine sales “could hit a low-point in 2024,” but its vaccine sales will increase in 2025 and beyond, the analyst tells investors in a research note. Oppenheimer says Moderna’s execution in recent years has addressed the majority of its concerns.