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Motley Fool
Why Virgin Galactic Stock Just Popped
On Wednesday, shares of Virgin Galactic (NYSE: SPCE) appeared to take a punch when analysts at investment bank Bernstein cut their price target on the space tourism pioneer by more than half — from $22 all the way down to $10. Instead of going down, however, Virgin Galactic shares are headed higher this afternoon, and were up 5.4% as of 1:05 p.m. ET. Well, despite cutting its price target so steeply, Bernstein didn’t actually downgrade Virgin Galactic stock, leaving it rated market perform, the equivalent of a neutral rating.
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