Tae Kim
Tae Kim
Senior writer at barron’s. priors: tech columnist at bloomberg opinion, CNBC, ex-buyside.Source
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Virgin Galactic Stock Is Worth Just $4, Analyst Says

Virgin Galactic Stock Is Worth Just $4, Analyst Says

Despite how Virgin Galactic’s stock price has been cut in half this year, Wells Fargo believes there is much more downside ahead. On Tuesday, analyst Matthew Akers initiated coverage on Virgin Galactic SPCE +1.07% (ticker: SPCE ) with an Underweight rating and a $4 price target. The stock fell 1% to $6.18 after the report. “We see further risk left to go for SPCE, as we are doubtful it can develop its new Delta spacecraft and continue to fund operations without a further capital raise,” he wrote. “We believe SPCE’s valuation is driven by retail investor interest, which could decline...

Jun 21
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