BMO Capital analyst George Farmer downgraded Moderna (MRNA) to Market Perform from Outperform with a $109 price target.
The stock closed Monday up 10%, or $8.56, to $97.95.
The analyst sees limited upside following yesterday's rally on the positive Phase 3 Covid-19 vaccine outcome.
A near-term best case scenario is mostly reflected in the shares, including mRNA-1237 Emergency Use Authorization from the FDA before year-end and full approval in mid-2021, Farmer tells investors in a research note. The analyst recommends taking some profits in Moderna.
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