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Moderna: Oddo still a buyer, trims target price

( - Oddo maintains its "outperform" rating on Moderna shares, while trimming its target price for them from 304 dollars to 297 dollars.

The broker nevertheless points out that Q2 results were "solid" and "well above expectations".

The company's revenue came in at 4.7 billion dollars, above the 4 billion euros expected.

The group says that it currently has 46 programs in development for 31 mRNA candidates.

Oddo said it was adjusting its estimates following the release to take into account AZN's decision to terminate its VEGF partnership ($2 per share) and the adjustment of production costs.

Analysts still believe that the stock's current level (-37% YTD) represents a buy opportunity given the success of its COVID program and the depth of Moderna's pipeline.

Note that Moderna shares soared 16% yesterday, although are down a fraction in pre-market trading today.

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