Moderna: Jefferies still a buyer

(CercleFinance.com) - Jefferies maintains its Buy rating on Moderna shares, along with a target price of $275.


The broker highlights a good first quarter, although it has not forgotten about Moderna's upcoming announcements and ongoing negotiations for upwardly mobile agreements. "We think there is room for a rebound in the second half on this basis," the analyst adds.

"Our valuation includes $15B+ in cash at YE23 and $25B+ for the COVID vaccine business and $60B+ in pipeline/platform, given positive PCV data and positive interim Flu vaccine data," Jefferies recaps.

The analyst also noted progress in vaccines: "RSV, CMV, and combo vaccines reasonably possible, supporting a $10B+ revenue stream and a 5-6x sales would generate a $60-70B market cap."


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