Virgin Galactic initiated with a Sector Weight at KeyBanc

KeyBanc analyst Michael Leshock initiated coverage of Virgin Galactic with a Sector Weight rating and no price target. Executing to achieve the company’s long-term targets could yield attractive economics for the business, but near-term visibility surrounding its commercial service timeline and future capital requirements "remains cloudy," the analyst tells investors in a research note. The firm believes that if Virgin Galactic can successfully ramp its next-generation spaceship fleet, its business model could be highly profitable, but says this will require execution.