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27.02.2020 15:19:49

Virgin Galactic gets another downgrade as Morgan Stanley waits 'for fundamentals to catch up'

Virgin Galactic Holdings Inc.'s meteoric run looks poised to hit a snag Thursday after a second downgrade of the high-flying spaceflight stock. The stock is down 20% in premarket trading Thursday after Morgan Stanley analyst Matthew Sharpe cut his rating on the shares to equal weight from overweight, writing that he is "waiting for [Virgin Galactic's] fundamentals to catch up" to the big expectations around the company's potential. "In our opinion, the stock is nearly fully discounting a highly successful space tourism business at scale, a moderately successful space tourism business with early credit for the hypersonic opportunity, or a combination of both," Sharpe wrote. He joins Credit Suisse analyst Robert Spingran, who also downgraded the stock Thursday on valuation concerns. Shares have risen nearly 300% over the past three months, while the S&P 500 has lost about 1% in that span. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Weiter zum vollständigen Artikel bei "Market Watch"