Richard Branson, founder of Virgin Group Ltd., speaks during an interview following Virgin Galactic Holdings Inc.’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 28, 2019.
Michael Nagle | Bloomberg | Getty Images
Here are the biggest calls on Wall Street on Thursday:
Morgan Stanley downgraded Virgin Galactic to ‘equal weight’ from ‘overweight’
Morgan Stanley downgraded the space company and said it’s waiting for the stock’s fundamentals to catch up with the recent rally.
“We remain constructive on the long term potential of SPCE, medium-term forecasts for space tourism based on strong growth in registrations of interest, and execution of testing milestones. Our price target moves to $30 (from $22), modestly below the current price, driving the downgrade to EW.”
Read more about this call here.
Canaccord upgraded Square to ‘buy’ from ‘hold’
Canaccord upgraded the mobile payment and merchant services aggregator after the company’s strong earnings report and said it sees the risk/reward improving.
“While Square remains predominantly a seller-centric point of sale platform, momentum in the consumer side of the business is quickly moving this piece of the business to center stage. In fact, we believe viral growth in active users of Cash App, combined with increased monetization per user could drive consumer to become an equal P&L contributor in just a few years from now. … Net net, with payment volumes in Seller looking more stable the last few quarters, combined with a ramping consumer business, we think risk reward to the Square story is improving. While not a cheap stock, we think Square can hold its multiple moving forward.”