First Berlin reiterates Valneva Buy, cuts price target to EUR 4.5

• First Berlin reiterated a Buy rating on Valneva, cutting its target price to EUR 4.5 from EUR 4.8 on Q1 2026 results.
• Product sales fell 37.2% to EUR 30.9 million, prompting management to cut full-year product sales guidance by 7% to EUR 135 million-EUR 150 million.
• The report flagged weakening travel-vaccine uptake in key markets tied to geopolitical tensions.
• First Berlin kept its focus on Pfizer’s planned Biologics License Application for the partners’ Lyme disease vaccine candidate LB6V in H2 2026, assigning a 67% probability of FDA approval.
• The target cut also reflected forecast reductions tied to the guidance downgrade, including added dilution from a recent share issue.

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