The downgrade by HSBC to 'Reduce' suggests a bearish outlook on Moderna's stock, overshadowing the positive sentiment from the raised price target. Typically, a downgrade impacts a stock's price more immediately and negatively as it reflects a less favorable view on the stock's future performance. Although the price target was raised, indicating some positive expectations, the downgrade to 'Reduce' is likely to have a more significant short-term negative impact on investor sentiment and the stock price.