Virgin Galactic (SPCE) Downgraded to Equalweight, Raises PT - Morgan Stanley

February 1, 2021 1:51 AM EST
Get Alerts SPCE Hot Sheet
Price: $22.66 +1.80%

Rating Summary:
    6 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 10 | New: 12
Trade Now! 
Join SI Premium – FREE

(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".

For an analyst ratings summary and ratings history on Virgin Galactic click here. For more ratings news on Virgin Galactic click here.

Shares of Virgin Galactic closed at $44.29 yesterday.

You May Also Be Interested In

Related Categories

Analyst PT Change, Downgrades, Hot Downgrades

Related Entities

Morgan Stanley