Wolfe Research upgraded Virgin Galactic to Peer Perform from Underperform without a price target. With WhiteKightTwo’s return to flight, Virgin Galactic shares will "likely link to a positive event path" through June, the analyst tells investors in a research note. The company’s negative free cash flow is a fundamental concern but history suggests "respecting an event path like the one ahead," writes the firm. It says peer multiple expansion also drives a valuation higher for the stock.
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Published first on TheFly
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