Virgin Galactic price target lowered to $8 from $24 at Susquehanna

Susquehanna analyst Charles Minervino lowered the firm’s price target on Virgin Galactic to $8 from $24 and keeps a Neutral rating on the shares. The firm raised its price target following the reverse stock split affected in June but maintain its estimates. Susquehanna said they remain focused on the company’s cash burn and while they are cautiously encouraged by the realigned priority structure at the company, they remain skeptical of the company’s ability to execute this plan on schedule.