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Moderna downside has played out, HSBC raises rating

Published Nov 03, 2023 14:52
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Moderna (NASDAQ:MRNA) was raised to Hold from Reduce at HSBC on Friday, with the firm raising the price target for the stock to $89 from $69 per share.

The investment bank's analysts said that the downside they saw for the company has now played out.

"Having previously guided to 2023 revenue of USD6-8bn, Moderna’s management has put a softer tone on its 2023 revenue outlook, now expecting 'at least USD6bn' in its Q3 update. Moreover, the new USD4bn guidance for 2024 was a disappointment to the market (consensus at USD4.7-7.3bn," the analysts said.

"Moderna also revisited its high R&D spending approach, introducing a more flexible R&D spending outlook in relation to 2025 revenue. Now aiming at break-even in 2026, Moderna’s medium-term growth trajectory implies that cost-cutting is on the way," the analysts added.

The bank revised its estimates for Moderna and now believes the company's current share price adequately reflects the current outlook.

Moderna downside has played out, HSBC raises rating
 

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