Citi downgrades Moderna to Sell and raises price target to $80

Citi analyst Geoff Meacham cut Moderna from Neutral to Sell and lifted the price target from $60 to $80. He said the valuation had run ahead of expected revenue and earnings, pointing out that Moderna's market value was similar to Regeneron's despite much lower expected revenue and profit. The shares fell about 6% in early trading, to around $191, which is still well above the new target.

• Rating changed from Neutral (Hold) to Sell
• Price target raised from $60 to $80
• Shares fell about 6% in early trading on September 30, around $191
• Analyst said the valuation is not justified by public-company comparisons or pipeline value