- UBS clips its price target on Neutral-rated Virgin Galactic (NYSE:SPCE) to $26 from $38.
- Analyst Myles Walton fired off the PT change after the space tourism company pushed out its next powered flight to mid-October at the earliest due to a potential supplier part issue. The firm now assumes entry into service for Virgin Galactic's delta generation of ships in 2024 instead of 2023.
- "The Delta class ship will be the trailblazer to making the VG flight operations clear sales, profit and cash earnings targets and ultimately determine long-term business viability. Unfortunately, the current spaceship class turn-time limitations tie Virgin Galactic in very low rate operations."
- Shares of SPCE are down 0.12% premarket to $24.22. The relative strength index on SPCE is back below 50.
