Virgin Galactic price target lowered to $2 from $2.50 at TD Cowen

TD Cowen lowered the firm’s price target on Virgin Galactic to $2 from $2.50 and keeps a Buy rating on the shares. The firm said the timeline to Positive free cash flow by 2H26 remains on track. The comany has flown six commercial flights in six months and will fly one more in June before a pause to focus on the build of two VSS-Delta spaceships which can yield $450m in annual revenue at a 75% contribution margin.