Bank of America analysts upgraded BioNTech SE stock to buy from hold on Thursday, citing excitement about its mRNA technology and the outlook for a combined flu/COVID vaccine and oncology vaccines that are currently in various stages of development.

Analysts led by Tazeen Ahmad reiterated their $239 price target on the stock BNTX, which is 28.5% above its current price, and said the German company’s roughly 16 billion euros in cash is a positive.

“The…