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Moderna Slumps 13% After J.P. Morgan Downgrade - TipRanks Financial Blog


Moderna Slumps 13% After J.P. Morgan Downgrade

Moderna (MRNA) fell 12.8% to $82.68 on Monday after J.P. Morgan analyst Cory Kasimov downgraded the stock to neutral from buy citing the company’s high valuation. However, he increased the price target to $89 from $60.

Moderna’s solid bull-run on expectations of the development of a potential COVID-19 vaccine has driven its stock up about 323% this year. It is up over 488% year-on-year.

The analyst stated that he remains bullish on the long-term prospects of the company and considers it to be a frontrunner to bring out a COVID-19 vaccine. However, given the significant growth in its stock and uncertainty surrounding the COVID-19 vaccine, including its price, duration, and competition, its valuation seems unjustified.  

On July 15, Oppenheimer analyst Hartaj Singh reiterated his buy rating on the stock with a price target of $108. Overall MRNA shows a Strong Buy Street consensus, with 13 analysts suggesting a buy and 3 analysts recommending a hold. The average analyst price target stands at $93.79, implying a 13.4% upside potential. (See Moderna’s stock analysis on TipRanks).

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Amit Singh
Amit Singh has over eight years of strong experience (both sell-side and buy-side) in analyzing financial reports and filings as well as identifying strategic investment opportunities. Over the years, Amit has covered various industries and geographies, with a primary focus on consumer staples and the consumer discretionary sector. Amit’s background spans evaluating company portfolios, building complex financial models, writing financial articles, and identifying the overall financial worth of companies. He has a post-graduate diploma in finance.

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