BioNTech price target lowered to $127 from $143 at BofA

BofA analyst Tazeen Ahmad lowered the firm’s price target on BioNTech (BNTX) to $127 from $143 and keeps a Buy rating on the shares. The firm notes the company reported Q1 COVID revenues of EUR 183M mostly in-line with BofA and consensus estimates reflecting typical vaccine seasonality. The company reiterated the FY25 revenue guidance of EUR 1.7B-EUR 2.2B. Based on their recent interactions with regulators, they expect the same process for new booster approval to continue but noted it is premature to know if further requirements will be needed in the future. The firm thinks this needs to be further clarified as there could be risk or delays in future approvals that could impact future COVID revenues, particularly in the U.S. BofA therefore lowers its COVID estimates as it sees hurdles to adoption moving forward.