Virgin Galactic price target lowered to $1 from $3 at Truist

Truist lowered the firm’s price target on Virgin Galactic to $1 from $3 and keeps a Sell rating on the shares as part of a broader research note previewing Q3 results in Aerospace & Defense. The narrative around the return to peak aircraft production will be tested, and the firm has cut its aircraft production forecast by 6.8% amid narrow body risks , but despite tougher y/y comps for the commercial aftermarket, Truist continues to favor this group believing demand, pricing, and new equipment shortages will create sustained tailwinds, the analyst tells investors in a research note. The firm adds regarding the Defense space that while the Israeli war modestly supports a re-rating and should translate into U.S. budget stability, timing is a concern.