UBS upgraded its rating on vaccine maker Moderna
MRNA,
to buy from neutral on valuation grounds, but cut its price target to $191 from $221. “We acknowledge the uncertainty around the commercial/endemic COVID market and uncertainty around ’23 revenues, which has been a key investor focus and headwind,” said analysts led by Eliana Merle. But the team said the stock pullback is reflecting the risk to COVID vaccines but not the pipeline beyond it, notably Moderna’s CMV vaccine which could generate sales of over $3 billion. Moderna shares rose 3% in premarket trade but have slumped 34% this year.
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