Virgin Galactic assumed with a Neutral at Goldman Sachs

Goldman Sachs assumed coverage of Virgin Galactic (SPCE) with a Neutral rating and $3 price target Virgin Galactic is defining a new industry, which has the potential to be a large market “but is currently unproven,” the analyst tells investors in a research note. The firm says the company currently generates minimal revenue, and does not expect to have revenue generating flights until 2026. Given the lack of revenue, Virgin Galactic is currently unprofitable and burns hundreds of millions of dollars annually in free cash flow, says Goldman.