Jefferies says Virgin Galactic's Q1 results show progress as the first Delta spaceship moves toward commercial service in Q4 with the schedule for ground test phase in Q2 and flight tests starting in Q3. The company continues to operate toward its previously disclosed plan including the commencement of ground test, the analyst tells investors in a research note. Jefferies point out Virgin reopened ticket sales with a limited number of spaceflight expeditions priced at $750,000 per ticket with an expected Q3 close, building off its current 650 customers in backlog. It believes the company's current cash position "provides a window of safety." The firm has a Buy rating on Virgin Galactic with a $5 price target.
