UBS Downgrades Virgin Galactic (SPCE) to Neutral, Valuation is Full
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(Updated - February 10, 2021 4:59 AM EST)
UBS downgraded Virgin Galactic (NYSE: SPCE) from Buy to Neutral with a price target of $52.00 (from $35.00).
The analyst comments "We remain convinced in the fundamentals of the VG offering and the scarcity of the experience provided to customers we laid out in our initiation, in particular. However, we're mindful of valuation that appears full following a 100%+ gain since the start of the year and a 300%+ move since the fall, and are downgrading to Neutral from Buy. The end of this week will be the reopening of the launch window for powered flights which, assuming a successful suborbital flight, will put the company on a trajectory to complete its test program and initiate commercial operations into 2H21. While the catalyst chain is appealing, it does seem priced in."
Shares of Virgin Galactic closed at $56.25 yesterday.
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