Moderna (MRNA) PT Lowered to $60 at TD Cowen

TD Cowen analyst Tyler Van Buren lowered the price target on Moderna (NASDAQ: MRNA) to $60.00 (from $70.00) while maintaining a Hold rating.

The analyst comments "Kudos to mgmt for reducing R&D by $1.1B by '27, and for extending guidance to breakeven to a more reasonable timeframe ('28). A Band-Aid has been ripped off, and we are hopeful that there aren't more remaining. The $2.5-3.5B rev guide for '25 seems reasonable for now. The no-go on the INT AA was the most disappointing pipeline update, while respi/latent vax and rare disease updates were in-line."

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