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Citi analyst issued a sell rating on Moderna after the biotech company's stock surged more than 600%, arguing that revenue and profit forecasts do not justify the premium valuation baked into the share price. The downgrade reflects analyst skepticism about whether the company's recent run-up can be sustained given fundamental business performance. The call represents one of the first major Wall Street voices to publicly second-guess Moderna's rally, signaling potential weakness in investor enthusiasm for the vaccine-maker.