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Virgin Galactic Target at Wall Street High; Cowen Lauds Prospects

Cowen lauded Virgin's 'proprietary and vertically-integrated technology, expertise in the industry, and management's vision and execution.'
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Virgin Galactic  (SPCE) - Get Virgin Galactic Holdings Inc Report stock-price target more than doubled, to $51 from $23, at Cowen, which sees strong long-term growth at the space-travel company.

That target is the highest on Wall Street, according to Bloomberg. It indicates 10% upside from Tuesday's closing price. 

Cowen’s Oliver Chen affirmed his outperform rating.

Virgin’s stock recently traded at $44.57, down 3.8%. It has soared 82% over the past six months amid enthusiasm for Virgin’s performance.

“Cowen's take is that SPCE's proprietary and vertically integrated technology, expertise in the industry, and management's vision and execution should materialize into attractive growth opportunities long term,” he said.

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“Cowen views SPCE as several steps closer to revenue generation. And recent events, including the successful first flight, FAA approvals, and the announcement of the second test flight timing with Richard Branson, should provide increased investor  confidence on long-term prospects.”

Branson, who founded Virgin Galactic, appears set to beat Amazon.com  (AMZN) - Get Amazon.com, Inc. Report  Founder Jeff Bezos in leaving Earth's atmosphere.

Virgin Galactic said that Branson’s flight will be July 11. He will be one of six people on board the VSS Unity spacecraft. It also will carry three Virgin Galactic employees and two pilots, the company said.

Branson would beat Bezos into space by nine days. Bezos will fly from West Texas on July 20 aboard a rocket made by Blue Origin, his space-travel company. 

Bezos will be accompanied by his brother, a female aerospace pioneer and the winner of a $28 million charity auction.

“After more than 16 years of research, engineering, and testing, Virgin Galactic stands at the vanguard of a new commercial space industry," Branson said.