Jefferies downgrades Moderna to Hold after ‘strong run’

Jefferies analyst Michael Yee downgraded Moderna to Hold from Buy with a price target of $150, up from $90, following a “strong run” that has seen the stock advance 650% year-to-date. While the company has “flawlessly executed on COVID-19 to date” and he expects Moderna to be a top COVID-19 player in 2021 and going forward, Yee now sees elevated expectations and looks toward the company’s 2021 execution, which he says will be “critical.”