Virgin Galactic downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Kristine Liwag downgraded Virgin Galactic to Underweight from Equal Weight with a price target of $1.75, down from $4. The company is pausing revenue-generating space flights as it conserves cash and redoubles efforts on Delta, the analyst tells investors in a research note. The firm likes Virgin Galactic’s long term potential, but sees limited opportunities for share price accretion during this upcoming lull period. With no planned revenue-generating flights from mid-2024 to 2026, Morgan Stanley sees a “catalyst-lull period on the horizon.”