Deutsche Bank analyst Emmanuel Papadakis upgraded Moderna (NRMA) to Buy from Hold with a $165 price target. The analyst views the company’s Q2 results as “solid” and expects it to end fiscal 2022 with $20B, or 40% of its market capitalization, in cash. Moderna offers “greater near-term optionality on the infectious disease side” relative to BioNTech (BNTX), Papadakis tells investors in a research note. The analyst sees Moderna’s valuation multiple expanding at a similar pace to BioNTech.
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