Virgin Galactic is a wait-and-see stock at BofA

Bank of America drops its price objective on Virgin Galactic Holdings (NYSE:SPCE) to $25 from $41 as it points to an "earlier and longer than expected" maintenance and enhancement event for Eve Mothership that will push the first commercial passenger flight to late Q3 of 2022, which is beyond the time range of the 1-year PO.
Analyst Ronald Epstein: "We found particularly surprising the lack of technical details about the planned improvements (only mentioned enhancing structural components) and management commentary about the enhancement still being at a design phase. The delayed commercialization strategy results in lower short-term EPS and FCF estimates."
Looking even further ahead, BofA increases sub-orbital travel revenue estimates to reflect stronger pricing and ancillary revenue, but pushing the orbital customer travel timeline to 2030 in the bull case and 2035 in the base case.
Seeking Alpha author JR Research has a deep dive on what SPCE might look like in ten years.