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Virgin Galactic shares plunge after JP Morgan downward revision



The actions of Virgin galactic They seem to be landing this Wednesday. They fall with desire, almost 15%, after the call of JP Morgan to underweight its stocks, of which he expects to fall 20% at the end of the year from their current value.

"Following Unity 23's planned flight in September 2021, the company's only mothership, Eve will be on the ground during an improvement period of 8 months. During this period of heavy maintenance, Virgin Galactic will not be able to make any flights space until the summer of 2022 ", has spread Kristine Liwag, analyst of the bank, in a note to its clients.

In it, he says he sees as "positive" that the company is investing in increasing its flight capacity, but that this it is a process that "takes time".

Likewise, Liwag foresees that Virgin Galactic generate $ 1.3 billion in sales and 743 million of earnings before interest, taxes, depreciation and amortization by 2030.

This news comes days after learning that Richard Branson's company will almost double the price of tickets to go on its space flights, reaching $ 450,000 per seat, which reported large increases in the stock market.



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