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

Citi analyst Geoff Meacham downgraded Moderna (MRNA) to Sell from Neutral and raised the price target to $80 from $60. The note cites valuation after the shares are up 222% since the Interpath-001 trial results, and says Moderna’s market cap is similar to Regeneron despite materially lower expected revenue and earnings.