Nobody knows where the bottom is but we all know there is a bottom and the market will recover; our goal should be to get ready for it when it comes and to invest cautiously, asserts Carl Delfeld, editor of Cabot Global Stocks Explorer.

Virgin Galactic (SPCE) still plans to make its first commercial space-tourism flight this year, and took a step toward resuming ticket sales for jaunts expected to cost upward of $250,000.

The company recently said on an investor call that it was focused on working through testing and approval for its space launch system.

More than 600 potential customers have already paid a collective $80 million in deposits for the flight and the company has in its sales funnel 2 million prospects with liquid assets of $10 million or more.

Furthermore, beyond space tourism, the company is taking dead aim at a global commercial aviation market worth $900 billion and could potentially land some defense contract. Those would include a proposed hypersonic jet that could in theory travel from London to New York in an hour.

Boeing last year invested $20 million in the company and CEO George Whitesides said the company was focused on the commercial launch and had completed 20 of the 29 approvals required to validate the commercial license it received from the Federal Aviation Administration in 2016.

After a very sharp decline, the stock soared from $10 to $16 after rising earlier this year to $37. It’s been an incredible ride for Galactic stock this year. At one point in February, shares were up more than 220% for the year.

Morgan Stanley just came out with a buy rating valuing SPCE’s space tourism business at $14 a share and the hypersonic flight opportunity at $10 a share to arrive at a current target price of $24. We think the pullback over the last few weeks offers more aggressive investors a chance to buy more shares.

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