Analysts at UBS on Wednesday downgraded their ratings on Virgin Galactic Holdings Inc. SPCE, -7.03% stock to neutral, from buy, on valuation. The stock’s “stratospheric move” trigged the action, even though the fundamentals and the scarcity of what Virgin Galactic offers remain in place, they said. Virgin later this week will reopen a launch window for powered flights; assuming the suborbital flight is successful, the will be on track to complete its test program and initiate commercial operations into the second half of the year, the analysts said. “While the catalyst chain is appealing, it does seem priced in,” they said. Shares of Virgin Galactic have gained 158% in the past three months, compared with gains around 10% for the S&P 500 index SPX, -0.09% in the same period.
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