Virgin Galactic (SPCE) PT Lowered to $23 at Cowen

Cowen analyst Oliver Chen lowered the price target on Virgin Galactic (NYSE: SPCE) to $23.00 (from $40.00) while maintaining an Outperform rating.

The analyst commented, "We like SPCE's superior brand equity and unique experiential approach to space. However, in the near-term, SPCE needs to conduct a successful first test flight, which appears to have another potential delay with the recently identified maintenance issue with VSS Eve."

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