Virgin Galactic resumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Kristine Liwag resumed coverage of Virgin Galactic with an Equal Weight rating and $4 price target. While "bullish" on its long-term potential as a first mover in a structurally high-margin business, her optimism is tempered by the execution track record, steep ramp ahead and what she describes as a "catalyst-lite" 2022.