Moderna price target raised to $234 from $208 at Piper Sandler

Piper Sandler analyst Edward Tenthoff raised the firm's price target on Moderna to $234 from $208 and reiterates an Overweight rating on the shares. The stock closed Wednesday up 7% to $160.03. The company's vaccine day yesterday focused on SARS-COV-2 vaccine mRNA-1273 with Phase III COVE data out to six months showing over 90% protection against COVID-19 and over 95% protection against severe infection, Tenthoff tells investors in a research note. The analyst continue to forecast mRNA-1273 revenues of $10.85B in 2021 and $15.75B in 2022. He sees future revenues from complete vaccination in the U.S., overseas vaccinations and U.S. boosters, noting that Covid-19 is "not going away." Further, Moderna is advancing a "rich pipeline" of mRNA medicines, adds Tenthoff.