** Citigroup starts coverage on vaccine maker Moderna MRNA.O with "neutral/high risk" rating and $40 PT, which represents a 14.3% upside to stock's last close
** Company's transition away from its respiratory vaccine franchise will be challenging, with "breakeven on a cash-cost basis is not internally projected to be until 2028" - brokerage
** Moderna's sales will remain primarily from its currently marketed respiratory vaccines, Spikevax and mRESVIA, with estimated sales of $1.4 bln and $1.1 bln in 2032, Citigroup says
** "Seasonality factors continue to have an impact" on company's business, making its path to profitability "risky" due to fluctuations in demand and inventory management - brokerage
** Says company's next-gen COVID and COVID+flu combo vaccines are expected to be approved in 2025, but are unlikely to be major growth drivers
** Shares fell 63% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.