Deutsche Bank says Moderna’s strong second-quarter results are now the right time to buy shares in the biotech company. Analyst Emmanuel Papadakis upgraded the Covid-19 vaccine maker’s stock to buy, citing quarterly numbers that beat analysts’ expectations. Papadakis also pointed to additional contracts not covered by the company’s previous guidance and a recently announced $3 billion share buyback program. While valuation support is currently “stronger” for BioNTech, Papadakis expects Moderna’s multiples to expand at a similar rate as it moves into 2023 and 2024. “MRNA has been more outspoken with the chapter. its acquisition process; plus the possibility of a higher short-term option on the possibility of disease transmission,” he wrote. Future updates regarding Moderna’s cancer and rare disease vaccines, plus efforts on a combined option for Covid-19, respiratory syncytial virus and influenza may also play a role. positive in the near term, helping the company build on its enhanced franchise, according to Papadakis. The bank has set a $165 price target for the stock, which implies the stock could rise more than 22% from Wednesday’s close. Shares have fallen about 47% this year. “To be clear this is not without risk: if the upcoming catalysts disappoint and COVID revenue continues to decline in FY23 as expected, valuations are likely to compress close to the pile. cash of the mRNA than is the case at present: the key remains the convincing confirmation of the post-COVID platform,” he wrote. – CNBC’s Michael Bloom contributed reporting