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.