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发表于 2020-6-30 06:50 PM
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How Virgin Galactic Stock Could Take Off as NASA Sends More People to Space -- Barrons.com
3:10 pm ET June 30, 2020 (Dow Jones) Print
By Teresa Rivas
Virgin Galactic Holdings has jumped nearly 33% in 2020. Vertical Research Partners argues that the shares could have another 90% to go.
Analyst Darryl Genovesi reiterated a Buy rating and $29 price target on the stock on Tuesday following an interview with Virgin Galactic (ticker: SPCE) Chief Executive George Whitesides about the company's recent Space Act agreement with the National Aeronautics and Space Administration. The contract is to provide suborbital and orbital space experiences for a range of customers, from tourists to researchers.
The agreement with NASA "sounds like good progress toward commercialization at the core suborbital space tourism business, even in this unprecedented environment," Genovesi wrote in a research note.
At the moment, Virgin Galactic's stock is the only publicly traded pure play on governmental interest in outsourcing space transport, he noted. Carrying people above the atmosphere could become a profitable business if NASA and other space agencies ultimately send 100 to 200 people into orbit annually via Virgin Galactic, potentially at above-average prices.
The contract "is on commercial terms and many of the spaceflight experiences that NASA purchases are likely to add-on bespoke components, " he said.
Genovesi said he is also confident that the company can meet its attractive financial targets. Other factors that could drive the stock higher include the final unveiling of the cabin on its SpaceShip Two, due this summer; the first powered flight from the Spaceport America launch site in New Mexico; and updates on the company's hypersonics strategy.
Of course, Virgin Galactic isn't the only player plying its trade in orbit. SpaceX is also making headlines with its strides in space, but it isn't publicly traded. Barron's believes that investors should still care about its milestones, given future implications for the sector.
SpaceX's successes may be helping to drive more investors to Virgin Galactic, which has climbed almost 50% in the past 12 months.
The shares were down 0.2% to $15.39 in afternoon trading.
Write to Teresa Rivas at teresa.rivas@barrons.com |
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