Virgin Galactic (SPCE) Downgraded to Equalweight, Raises PT - Morgan Stanley
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(Updated - February 1, 2021 7:15 AM EST)
Morgan Stanley analyst Adam Jonas downgraded Virgin Galactic (NYSE: SPCE) from Overweight to Equalweight cutting the price target to $30.00 (from $24.00) while noting investors need to balance the excitement around upcoming test flight milestones (driving the $70 bull case) with a slower ramp to commercial operations due to COVID and testing delays.
The analyst stated "While we struggle to justify the current price on space tourism alone, we do acknowledge the potential for the next 3 successful test flights and subsequent re-opening of the reservation book to drive high interest in the name. Admittedly, the share price volatility around such milestones may be significant and difficult to quantify".
Shares of Virgin Galactic closed at $44.29 yesterday.
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