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Msg  18237 of 18292  at  3/2/2023 9:23:52 AM  by


RBC on Moderna

From Fidelity's website:

Moderna Initiated at Outperform by RBC With $200 Price Target as Firm Gives Bullish View on Flu, RSV, Cancer Vaccines

BY MT Newswires
— 7:45 AM ET 03/02/2023

07:45 AM EST, 03/02/2023 (MT Newswires) -- Moderna (MRNA) received an investment rating of outperform late Wednesday from RBC Capital Markets, which said a "COVID cliff" is "well appreciated" in the biotechnology company's stock yet the firm still sees room for upside from Moderna's (MRNA) COVID-19 vaccines and expressed optimism for its vaccines in development for flu, respiratory syncytial virus and cancer.

RBC set its price target on Moderna's (MRNA) stock at $200 per share, well above the stock's Wednesday closing price of $135.66.

Moderna's (MRNA) shares have soared from a closing price just below $30 each three years ago, shortly before COVID-19 was declared a pandemic. However, the shares are also down significantly from a peak of nearly $500 each in August 2021, when the stock was benefiting from huge demand for Moderna's (MRNA) COVID-19 vaccine.

"With the virus now widespread, less fatal and having modest impact on public behavior, the US and EU have transitioned to the endemic phase of the outbreak," RBC analysts said in a late-Wednesday note to clients. Following approximately $38 billion in Moderna's (MRNA) cumulative revenue for 2021-2022, "guidance numbers are coming down, but we think this is well appreciated," they added.

For 2023, RBC is estimating Moderna's (MRNA) COVID-19 vaccines will bring in some $7 billion in revenue; it sees the company's total revenue for 2023 at $7.89 billion, slightly above the consensus estimate according to Capital IQ of $7.65 billion.

"Modeling beyond 2023 is trickier, but we think the virus is here to stay," RBC's analysts said, adding they see "price, new variants and compliance offering potential upside."

Moderna (MRNA) has an average investment rating of outperform among analysts polled by Capital IQ, with price targets ranging from $93 to $506.

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