Thread by @thesheetztweetz

Wall Street reacts to Virgin Galactic $SPCE beginning 8-10 month refurbishment period, a thread.

Bank of America: "The company failed to outline how progress will be tracked and communicated to the public throughout the enhancement program."
cnbc.com/2021/10/15/vir…

Bank of America – $SPCE underperform rating, price target to $20 from $25:

"We are uncertain about the company’s ability to forecast such a future and unknown event after the recent failure to call the timing right on a relatively-known short-term event."
cnbc.com/2021/10/15/vir…

Canaccord Genuity – $SPCE buy rating, $48 price target:

"We do not view the swap of Unity 23 from before the maintenance phase to after to be significant for Virgin’s long time-horizon space tourism plans."
cnbc.com/2021/10/15/vir…

Truist – $SPCE buy rating, $50 target:

"In our view this equates to lost momentum in the space tourism race ... Additionally, a general lack of catalysts over the next 12 months could keep the stock range bound."
cnbc.com/2021/10/15/vir…

Jefferies – $SPCE buy rating, $33 target:

"We view these changes as largely timing, with the potential to scale the business unchanged."
cnbc.com/2021/10/15/vir…

Morgan Stanley – $SPCE underweight rating, $25 target:

"The schedule slippage and potential technical issues highlight the inherent risks ... We view it positively that the company is investing in increasing its long-term space flight capacity."
cnbc.com/2021/10/15/vir…

Virgin Galactic $SPCE fell 16.8% in trading today, erasing the stock's gains for 2021 in what has been a wild year of trading:

cnbc.com/2021/10/15/vir…