Virgin Galactic +6% after BofA tips that shares could double

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Bank of America is out with a positive note on Virgin Galactic’s (NYSE:SPCE) upside as it starts off coverage on the stock with a Buy rating.

“While Virgin Galactic is not yet operational, the company is gearing up to begin serving customers in early 2021. We believe SPCE’s growth potential is unparalleled vs. our coverage and the current nascent stages of the company provide investors with a unique entry point into the stock.”

It is noted that SPCE has a unique business with a leading market position and an experienced management team, as well as vertical integration upside.

Shares of Virgin Galactic are up 6.33% in premarket trading to $17.47. BofA’s price target of $35 implies quite the rocket ride for SPCE back to its level in February.

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