UBS analyst Myles Walton downgraded Virgin Galactic Holdings Inc (NYSE: SPCE) to Sell from Neutral and slashed the price target to (implying a downside of 25%), from $26.
Walton cites yet another delay for the company's next powered flights, which had already been delayed from late September to late October following a supplier part issue, stating that the next launch has now been pushed back to Q3 of next year and commercial service starting in Q4 of 2022.
Walton says while the details on the Delta class design and results of September-quarter ticket sales will serve as the focal points on the company's upcoming earnings call, neither seem "material upside catalysts."
Recently, BofA Analyst Ronald Epstein maintained an Underperform rating for Virgin Galactic while reducing the price target from to , Following Latest Flight Delay.
Also read: Virgin Galactic Shares Crack Below Support: Will The Stock See Further Fall?
Price Action: SPCE shares are trading lower by 4.30% at $19.15 during the premarket session on Monday.
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