As previously reported, Morgan Stanley analyst Adam Jonas downgraded Virgin Galactic to Equal Weight from Overweight with an increased price target of $30, up from $22. While "demand appears to be in no shortage" judging from registrations of interest having climbed to about 8,000, at current levels the stock "is nearly fully discounting a highly successful space tourism business at scale, a moderately successful space tourism business with early credit for the hypersonic opportunity, or a combination of both," Jonas tells investors. He lowered his rating as he waits for the fundamentals to "catch up" with the recent rally in the stock, Jonas noted. Credit Suisse analyst Robert Spingarn also downgraded Virgin Galactic to Neutral from Outperform this morning.