Skip to main content

Market Overview

UBS Downgrades Virgin Galactic, Stock Loses Altitude

Share:
UBS Downgrades Virgin Galactic, Stock Loses Altitude

Virgin Galactic Holdings Inc. (NYSE: SPCE) has seen its shares more than double in 2021 as investors ready for the opening its next flight test window Feb. 13.

What Happened: Analysts at Swiss Bank UBS downgraded Virgin Galactic from Buy to Neutral Wednesday and increased the price target from $35 to $52.

UBS analysts appear to see the value in the service Virgin Galactic aims to provide and said they “remain convinced in the fundamentals of the VG offering and the scarcity of the experience provided to customers.

Why It Matters: The space industry has garnered a lot of excitement this year. News has been flying around players in the industry and Virgin Galactic plans to launch its first tourists into space during the second quarter of 2021.

In January, Ark Invest's Cathie Wood announced the creation of ARKX, a space exploration ETF, which sent shares of Virgin Galactic soaring and thrust shares in the company to all-time-highs.

What’s Next: After a failed test flight in December. analysts and investors will be watching to see if Virgin Galactic can successfully pull off its next test flight.

Regardless of the success of its next mission, UBS analysts said “while the catalyst chain is appealing, it does seem priced in.”

SPCE Price Action: Virgin Galactic shares were trading down 7.64% to $52.34. 

Photo courtesy of Virgin Galactic. 

Latest Ratings for SPCE

DateFirmActionFromTo
Apr 2021BernsteinInitiates Coverage OnMarket Perform
Mar 2021Truist SecuritiesInitiates Coverage OnBuy
Mar 2021Truist SecuritiesInitiates Coverage OnBuy

View More Analyst Ratings for SPCE
View the Latest Analyst Ratings

 

Related Articles (SPCE)

View Comments and Join the Discussion!

Posted-In: Analyst Color Downgrades Price Target Travel Analyst Ratings Movers Trading Ideas General

Latest Ratings

StockFirmActionPT
ORLYUBSMaintains590.0
STXMizuhoMaintains83.0
HCAMizuhoMaintains232.0
DHRWells FargoMaintains280.0
TALMorgan StanleyMaintains75.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com