Moderna (MRNA) PT Lowered to $130 at Cowen

Cowen analyst Tyler Van Buren lowered the price target on Moderna (NASDAQ: MRNA) to $130.00 (from $145.00) while maintaining an Outperform rating, saying while 23 guide is the floor there is further lowering of estimates.

The analyst commented, "Following the lower 22 and 23 guidance (which appears to be a floor), we lowered our Spikevax estimates to $18.1B (+3% Y/Y) and $7.1B (-61% Y/Y), respectively, from $21.0B and $8.3B. This results in our new $130 DCF-based PT. Pricing commentary was also interesting given recent updates, and net pricing is expected to be materially below recent speculation. PCV, flu, and RSV data are up next."

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