Virgin Galactic Stock: Why SPCE Stock Is Rocketing 23% Higher Today

Virgin Galactic (NYSE:SPCE) stock is on the rise Monday after receiving two buy ratings from analysts today.

Virgin Galactic (SPCE) billboard on the New York Stock Exchange, across from the Fearless Girl statue.

Source: Tun Pichitanon / Shutterstock.com

The first buy rating for Virgin Galactic stock comes from Bank of America analyst  Ron Epstein. He says that no other company that the firm covers has “anywhere near comparable growth potential,” to SPCE stock.

The second buy rating comes from Susquehanna analyst Charles Minervino. Just like with Bank of America, this is the company initiating coverage of Virgin Galactic stock. Minervino says “we believe SPCE’s offering will be tapping into significant latent demand for space tourism.”

It’s worth pointing out that Minervino’s coverage also comes with a price target of $20 per share for SPCE stock. To put that into perspective, Virgin Galactic stock last ended trading at $16.43 when markets closed on Friday.

Another important factor to note about this news is that it brings the total number of analysts covering Virgin Galactic up to eight. Of those eight firms, not a single one has a sell or hold rating for the stock. Every single one of them has a buy rating for it.

The strong support from analysts and unanimous buy ratings mean that SPCE stock has a lot of pressure to deliver on its space tourism plans. The company is planning to start commercial flights next year when it launches founder Sir Richard Branson into space in Q1.

SPCE stock was up 22.8% as of Monday afternoon.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2020/09/virgin-galactic-stock-why-spce-stock-is-rocketing-23-higher-today/.

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