Moderna: Oddo BHF lowers target price

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Moderna shares, with a target price reduced from $96 to $86.


The broker reports that, despite a qualitative Q3, the share remained under pressure at the end of the week.

The analyst cites the slower-than-anticipated ramp-up of its RSV vaccine, the commercial launch of its COVID/seasonal influenza vaccine scheduled for the 2026 season and, of course, questions about the future US government's stance on vaccination programs.

The 2024 guidance adjusted at the September CMD has now been confirmed. Management is guiding the market towards sales of between $3bn and $3.5bn for the year.

We maintain our Outperform recommendation in view of the company's current valuation and market opportunities. In particular, the interim Phase 3 results in CytoMegaloVirus at the end of this year could boost the share price, it concludes.


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