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I read on https://www.cnbc.com/amp/2021/07/12/virgin-galactic-shares-rise-after-successful-branson-flight-paves-wave-for-space-tourism-industry.html:

The firm has a buy rating on the company, but also placed a $35 price target on the stock, which is below its current level.

How can a financial firm give a buy rating to a stock while placing its price target below the market price? What's the rationale behind it?

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You have interpreted this as current coverage when in fact it is not. Canaccord Genuity initiated coverage on Virgin Galactic on May 26th with a buy rating and a $35.00 price target. SPCE was about $27 at that time.

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