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In the middle of space tourism opportunity, Virgin Galactic stock rises high

Wednesday, September 1, 2021

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On Tuesday afternoon, stock market shares of Virgin Galactic Holdings Inc. SPCE, +8.96% went up 11.7% after Jefferies analyst, Greg Konrad, weighed in with an positive view of the space tourism prospoect and positioning of Virgin Galactic in that market. He initiated coverage of the stock with a buy rating and $33 price target. Konrad is quite confident by seeing consumer interest in space as well as “a recovering economy that is experiencing rapid GDP growth and wealth,” which could help drive a bigger market for Virgin Galactic’s “premium offering.”


Konrad views space tourism as a market of $120 billion. When it comes to annual revenue, it’s the one that can drive Virgin Galactic to deliver $1.7 billion by 2030. The consumer survey of Konrad covered more than 200 people with a disclosed net worth above $1 million are aware of the Virgin Galactic brand. Almost 37% were interested in traveling to space among respondents, followed by 30% of them keen on spending more than 5% of their net worth to do so and 10% to spend upwards of 10%. In the last 12 months, Virgin Galactic shares have gained 58.4% as the S&P 500 SPX, -0.13% has risen 28.9%.

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