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Bank of America continues to slash prices on setting up Virgin Galactic (NYSE:SPCE) in 2023.
Analyst Ronald Epstein and team note that SPCE remains committed to its most recent goal of being operational by the second quarter of 2023 with Spaceship VSS Unity. The company is also noted to be prioritizing ramping up Delta-type production, with the first spacecraft expected to come off the production line in 2025 and enter service in 2026. polarity, production of its second spacecraft is expected to slow. affected, and VSS Imagine is not expected to come online in 2023.
While BofA argues that Virgin Galactic (SPCE) will take measures to ensure liquidity both in the short and long term, the company continues to see risks to SPCE’s business model as macroeconomic difficulties continue to intensify during the year. new.
“We believe these could have a much larger impact on Virgin Galactic than the rest of our coverage due to the discretionary nature of its business model.”
The company has an Underperforming rating on SPCE and has reduced its price target to $4.00 from a 52-week trading range of $4.11 to $16.56.
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