Virgin Galactic price target lowered to $2.50 from $5 at Morgan Stanley

Morgan Stanley analyst Kristine Liwag lowered the firm’s price target on Virgin Galactic (SPCE) to $2.50 from $5 and keeps an Underweight rating on the shares. The company continues to target 2026 for the resumption of commercial operations with two new Delta-class vehicles, but now expects its first commercial research flight in the fall, pushed out from a prior expectation of summer, due to a schedule slip, the analyst noted. The firm likes the company’s long-term potential, but sees a limited near-term catalyst path until spaceflights resume, the analyst added.