Moderna (MRNA) PT Lowered to $120 at Jefferies

Jefferies analyst Michael Yee lowered the price target on Moderna (NASDAQ: MRNA) to $120.00 (from $180.00) while maintaining a Buy rating.

The analyst comments "Despite confidence YTD, MRNA lowered 2024 guidance by $500M-$1B driven by lower Covid (pricing), APA deferrals + RSV will be small this yr (see below). While somewhat expected, the cut was worse than expected and problematic due to P&L running big losses and FCF negative so more cuts drives higher cash burn ($9B YE24 goes to $6B YE25...). We got lots of feedback on credibility - they need big cost cuts to reverse the P&L quickly."

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