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March 24, 2020, 9:26 a.m. EDT

Virgin Galactic surges after Morgan Stanley turns bullish

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By Emily Bary

Shares of Virgin Galactic Holdings Inc. /zigman2/quotes/208333884/composite SPCE -5.97% are up 20% in premarket trading Tuesday after Morgan Stanley analyst Adam Jonas upgraded the stock to overweight from equal weight while lowering his price target to $24 from $30. "Despite the modest adjustments to our space tourism [discounted cash-flow model], the company maintains a healthy cash position (~$500 million) and its expected ~$16 million per month cash burn...position it well to navigate any near-term headwinds," he wrote. Virgin Galactic's shares have plunged 62% over the past month but Jonas said that the "story and the balance sheet remain intact." The stock's slide compares with a 31% decline for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.94% over a one-month span.

/zigman2/quotes/208333884/composite
US : U.S.: NYSE
$ 18.10
-1.15 -5.97%
Volume: 36.02M
July 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.05 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,155.22
-29.82 -0.94%
Volume: 2.70B
July 13, 2020 5:10p
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