UBS Turns Bearish On This Aerospace Company - Read Why

• UBS analyst Myles Walton downgraded Virgin Galactic Holdings Inc (NYSE: SPCE) to Sell from Neutral and slashed the price target to (implying a downside of 25%), from $26.

• Walton cites yet another delay for the company's next powered flights, which had already been delayed from late September to late October following a supplier part issue, stating that the next launch has now been pushed back to Q3 of next year and commercial service starting in Q4 of 2022.

• Walton says while the details on the Delta class design and results of September-quarter ticket sales will serve as the focal points on the company's upcoming earnings call, neither seem "material upside catalysts."

• Recently, BofA Analyst Ronald Epstein maintained an Underperform rating for Virgin Galactic while reducing the price target from to , Following Latest Flight Delay.

• Also read: Virgin Galactic Shares Crack Below Support: Will The Stock See Further Fall?

• Price Action: SPCE shares are trading lower by 4.30% at $19.15 during the premarket session on Monday.

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