Jefferies cuts Rovi to 'hold' as visibility fades, risks mount

Moderna

11/03/2026 08:56

** Jefferies downgrades Spanish drugmaker Rovi ROVI.MC to "hold" from "buy", citing rising medium-term risks and fading visibility

** "Despite raising our MT EBITDA forecasts by 6-9% (FY27 by c.15%), we believe the market is still underappreciating key MT risks," Jefferies says

** The broker highlights uncertainty in Rovi's contract manufacturing (CDMO) arm from its exposure to Moderna MRNA.O, as declining vaccine demand clouds future revenue prospects

** Jefferies believes the current valuation already reflects major contracts, leaving "limited scope for incremental upside" and creating significant concentration risks for the firm

** Still, the brokerage raises the pharmaceutical company's target price to 83.50 euros ($97), which is about 4% higher than its current trading price

** Shares are down 3.4% at 0840 GMT, but they have gained about 26% since the start of the year, including the session's correction

($1 = 0.8607 euros)

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +34 918 35 61 12))