Virgin Galactic (SPCE) PT Lowered to $30 at Jefferies

Jefferies analyst Greg Konrad lowered the price target on Virgin Galactic (NYSE: SPCE) to $30.00 (from $33.00) while maintaining a Buy rating.

The analyst commented, "Q3 results point to capacity constraints with the first private astronaut spaceflight targeted for the end of 2022 and a steep ramp predicated on the development of the Delta class spaceship. Demand is not impacted by supply constraints given a backlog that has grown to 700 customers and should continue to expand. While we acknowledge NT lacks catalysts, the long-term potential is an attractive value proposition given a growing commercial space tourism market."

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