RBC Capital lowered the firm’s price target on Moderna (MRNA) to $62 from $75 and keeps a Sector Perform rating on the shares following a COVID vaccine sale beat that was primarily driven by an earlier start of the vaccination season compared to last year. Despite the beat, Moderna has lowered the guide on vaccination rates for the year from “flat” versus last year to “flat to down 10%,” notes the analyst, who also points out that revenue guidance for the year was reiterated, but the company said it now expects to finish at the lower end of the range.
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