Valneva price target lowered to $17 from $18 at Guggenheim

Guggenheim analyst Evan Wang lowered the firm’s price target on Valneva to $17 from $18 and keeps a Buy rating on the shares. FY23 results were focused on the introduction of mid-term guidance, providing guideposts for 2026 total product sales and Ixchiq sales, says the analyst, who thinks management’s expectation for the commercial business to be cash flow positive in 2025-plus provides “a solid backstop for upside from Lyme and the future pipeline.”