Moderna price target lowered to $25 from $28 at RBC Capital

RBC Capital analyst Luca Issi lowered the firm’s price target on Moderna (MRNA) to $25 from $28 and keeps a Sector Perform rating on the shares after its Analyst Day presentation. Vaccination rates are down 28% this year, but Moderna sees their top-line re-inflecting next year driven by COVID contracts ex-US and the uptake of their next-gen COVID vaccine, the analyst tells investors in a research note. RBC adds that while it appreciates all the progress and an organization that is now much more focused on managing costs, the firm remains on the sideline awaiting further clarity on top-line re-inflection.