- The shares of Virgin Galactic Holdings Inc (NYSE: SPCE) have received a $36 price target from Canaccord. These are the details.
The shares of Virgin Galactic Holdings Inc (NYSE: SPCE) have received a $36 price target from Canaccord. And Canaccord Genuity analyst Austin Moeller is maintaining a “Buy” rating on the company shares.
Moeller adjusted the rating after the company announced plans to offer $425 million in convertible notes with purchasers receiving an option for an additional $75 million.
Moeller reduced the price target from $44 in order to reflect the potential dilutive impact of the shares from the convertible note offering. But in his discussion with management today, the company maintained the current schedule to initiate passenger space travel in the fourth quarter of 2022.
Going forward, Moeller remains confident in Virgin Galactic’s business model — which he says featured a promising total addressable market of at least 1.3 million high-net worth individuals. Plus the company has a spaceship platform that already demonstrated the capability to transport humans into space.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
