Virgin Galactic (SPCE) PT Lowered to $17 at Morgan Stanley Ahead of Lockup Expiration
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Morgan Stanley analyst Kristine Liwag lowered the price target on Virgin Galactic (NYSE: SPCE) to $17.00 (from $25.00) on the belief that Inspire will not be built and Delta’s entry into service will not happen until 2026.
The analyst reiterated an Underweight rating, stating "Considering that Eve (mothership) will be grounded for its 8-month enhancement period ending ~June 2022 at the earliest, we do not see any meaningful positive catalysts for the stock until then. To the contrary, we see a potential negative catalyst on the horizon for the stock as the lock-up period for ~28% of shares outstanding ends on October 25, 2021, potentially furthering near-term pressure on the stock."
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