Wolfe Research raised the firm’s price target on Moderna (MRNA) to $17 from $16 and keeps an Underperform rating on the shares. The firm comes away from Moderna’s Analyst Day modestly more encouraged by its gross margin expansion efforts and potential revenue growth in 2026 driven by vaccine sales in U.K./CAN/AUS. Wolfe refreshes its model with the 2026-2028 guide and Ares financing.
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