SPCE

May 9, 2022

The shares of Virgin Galactic Holdings Inc (NYSE: SPCE) have received an $8 price target from Truist. These are the details. The shares of Virgin Galactic Holdings Inc (NYSE: SPCE) have received an $8 price target from Truist. And Truist Securities analyst Michale Ciarmoli adjusted the rating on Virgin from a “Buy” rating to a “Hold” rating. Ciarmoli adjusted the rating following an update from the company that the expected timeline for commercial flights is being pushed out to Q1 2023. And Ciarmoli also cited the combination of supply chain delays, timing risk, a lack of operational catalysts, and rising interest rates. “We see supply chain and labor tightness potentially leading to additional slippages of commercial operations and believe a return to flight might not materialize until 2Q23 or later. Rising interest rates weigh materially on our DCF model considering the majority of our valuation resides in our terminal value assumption,” wrote Ciarmoli in a research note. Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.