Oppenheimer lifts Moderna rating on key 2024/2025 catalysts

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Oppenheimer lifts Moderna rating on key 2024/2025 catalysts
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Moderna (NASDAQ: MRNA ) shares were raised to Outperform from Perform at Oppenheimer on Tuesday, with analysts assigning the stock a $142 per share price target.

The analysts told investors in a note that key factors for the upgrade are increasing visibility on COVID-19 vaccine sales, the company's financial framework for OPEX progression, and key catalysts in 2024 and 2025.

Those key catalysts give the firm reason to believe MRNA "could be a five-product commercial company by 2026," the analysts said.

"In our 08/05/21 downgrade (Note), we highlighted our concerns around these issues," they wrote. "We believe that MRNA's execution in recent years has addressed the majority of our concerns. We see top-line sales starting to grow in 2025E, with multiple product launches [over the] next 12-18 months (RSV, Influenza)."

Oppenheimer also expects material clinical and regulatory catalysts over the next 12 to 18 months, making them bullish on the name once again.

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