Virgin Galactic falls as much as 24% as analysts call its bluff
The space transport company had gained about 150% so far this year, but two analysts worry about its time to market and fundamentals
27 February 2020 - 17:01
New York — Shares of Virgin Galactic Holdings fell as much as 24% in early Thursday trading, the most ever, after downgrades from the two top analysts among the three that cover the stock, Morgan Stanley’s Adam Jonas and Credit Suisse’s Robert Spingarn. Both lowered their recommendations to the equivalent of neutral from buy.
Richard Branson’s space transport company has been popular among hedge funds and other investors who believe it will establish a new space-tourism industry. Shares had soared about 150% so far this year, even with a post-earnings dip earlier this week...
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