Credit Suisse began coverage of Virgin Galactic with an outperform rating on Thursday.
with an outperform rating on Thursday, saying in an a note titled "The Ultimate Joyride" that the firm sees multiple factors driving the space tourism stock higher.
"Our bullish view reflects the near-term monopoly SPCE offers in an industry where public investment opportunities are scarce. We view this as a classic tech-driven high demand, low supply story with high barriers to entry," Credit Suisse analyst Robert Spingarn wrote in a note to investors. "Not everyone will see the value, but we believe the math works nonetheless."
Virgin Galactic shares rose 3.3% in premarket trading from its previous close of $9.10. Credit Suisse has as $12.43 price target on the stock, essentially seeing 36% upside over the next year. The firm is the second to begin covering Virgin Galactic with a buy recommendation, asThe stock has slid since its public debut last month, down about 20%, but that doesn't worry Virgin Galactic chairman.
"I think the story of Virgin is just so new that it hasn't been written yet. We'll start commercial operations in the middle of next year, so the full-fledged business value will become apparent very quickly to a lot more people at that point," Palihapitiya said in an interview with CNBC's
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