Virgin Galactic -13% after pair of Wall Street downgrades

Feb. 27, 2020 7:27 AM ETVirgin Galactic Holdings, Inc. (SPCE)SPCEBy: Clark Schultz, SA News Editor80 Comments
  • Shares of Virgin Galactic (NYSE:SPCE) drop sharply in early trading after two Wall Street firms issues downgrades.
  • Morgan Stanley moves to an Equal-weight rating from Overweight on its decision to wait for SPCE's fundamentals to catch up to share price. "In our opinion, the stock is nearly fully discounting a highly successful space tourism business at scale, a moderately successful space tourism business with early credit for the hypersonic opportunity (Phase 3), or a combination of both," warns Adam Jonas.
  • Credit Suisse drops Virgin Galactic to a Neutral rating from Outperform. "We find ourselves no longer able to recommend SPCE shares after” the stock’s run this year," explains analyst Robert Singarn.
  • SPCE -12.80% premarket to $25.07.

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