Credit Suisse analyst Robert Spingarn downgraded Virgin Galactic to Neutral from Outperform with a price target of $25, up from $15. The stock closed Wednesday down 15.5% to $28.75. Virgin Galactic remains a "compelling story" with near-term catalysts toward first revenue flight, its leading market position, strong incremental margin potential, and the scarcity value of the investment opportunity, Spingarn tells investors in a research note. However, with the shares up 185% year-to-date, the analyst says he can no longer recommend the name. Further, he sees limited upside potential to estimates owing to the relatively more limited scalability of the business model. The expected build time of a mature SS2 is 24 months and the cost is in the tens of millions, Spingarn points out.