In a report released today, Courtney Breen from Bernstein maintained a Hold rating on Moderna (MRNA – Research Report), with a price target of $28.00.
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Courtney Breen has given his Hold rating due to a combination of factors affecting Moderna’s current financial outlook. The company’s recent earnings report for the first quarter of 2025 highlighted significant cost containment efforts, with operating expenses coming in below expectations. This indicates a disciplined approach to spending, particularly in research and development and selling, general, and administrative expenses. However, despite these cost-saving measures, revenue remains below consensus estimates, reflecting the ongoing transition of COVID-19 vaccines into a routine seasonal market.
Additionally, while Moderna has reaffirmed its revenue guidance for 2025, there are uncertainties related to regulatory timelines and product uptake, which could impact future revenue streams. Upcoming PDUFA decisions for new vaccines, including the next-generation COVID vaccine and a flu/COVID combo vaccine, are not expected to contribute significantly to near-term revenue. These factors, combined with the company’s strategic cost-cutting plans through 2027, lead to a cautious outlook, justifying the Hold rating. The focus remains on pipeline execution and achieving regulatory clarity as key catalysts for future growth.
In another report released on May 2, Berenberg Bank also maintained a Hold rating on the stock with a $30.00 price target.