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The space-tourism startup, which made just $4 million in revenue last year, boasts a $6 billion market capitalization.
"Although all the signs point to a short squeeze, we do not see shorts capitulating and exiting their positions at this time," said Ihor Dusaniwsky.
Virgin Galactic is ‘overdue’ for a correction after surging 223% in a few months, Morgan Stanley says
Morgan Stanley has struggled to identify "significant thesis changing or accelerating events" since it started covering Virgin Galactic in December.
Adam Jonas of Morgan Stanley likes Virgin but is skeptical of the stock, saying it "appears to be driven by forces beyond fundamental factors."
Virgin Galactic skyrockets 19% to an all-time high after the company moves its spacecraft to New Mexico
Moving the spacecraft is a key milestone for Virgin Galactic, as the VSS Unity will eventually shuttle paying customers to and from space.
Morgan Stanley noted that the company's shares are approaching its $22-per-share price target, but reiterated its $60 bull-case target.
Virgin Galactic leaps after Morgan Stanley says the company’s stock can jump 203% over the next year
The bank issued a buy-equivalent rating for the company, saying it has the potential to "disrupt the multi-trillion-dollar airline" industry.
Credit Suisse says investors should buy Virgin Galactic because of its ‘near-term monopoly’ in commercial space tourism
According to Credit Suisse analysts, Virigin Galactic could generate $576 million in revenue by 2024.
Virgin Galactic will become the first space-tourism company to list on the New York Stock Exchange next week
Virgin Galactic merged with Social Capital Hedosophia, a venture capital firm, to go public. It will trade under the ticker "SPCE" on the NYSE.
Take a look at the Under Armour-designed spacesuits Virgin Galactic wants to send people to space in
Under Armour revealed a first look at its spacesuit collection for passengers boarding upcoming Virgin Galactic flights to space.