Summary
- Wall Street analysts have introduced overwhelmingly bullish coverage of SpaceX (SPCX) after the expiration of the 25-day post-IPO quiet period.
- The stock, which priced at $135 in June’s $75 billion IPO, was recently trading at $150.93, down more than 6% from post-listing highs but still above its offering price.
- Major underwriters and banks, including Goldman Sachs, Morgan Stanley and others, issued buy-equivalent ratings, with price targets ranging from $205 to as high as $800, citing SpaceX’s strength in launch services, Starlink broadband and government contracts.
Wall Street analysts have begun coverage of SpaceX (SPCX) following the expiration of the 25-day quiet period after the company’s June initial public offering (IPO), with nearly every major brokerage launching their coverage with a bullish rating.
The aerospace and satellite company, which held 18,712 bitcoin BTC$63,070.96 as of March 31, went public in June, raising $75 billion in one of the year’s largest IPOs. Shares were priced at $135 in the offering. The stock was trading at $150.93 on Tuesday, down more than 6% from recent post-listing highs but still above its IPO price.
The two lead underwriters, Goldman Sachs and Morgan Stanley, both initiated coverage with buy-equivalent ratings. Goldman analyst Eric Sheridan set a price target of $205, while Morgan Stanley’s Adam Jonas assigned a $300 target.
They were joined by analysts at Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS and Wells Fargo, all of which introduced coverage with buy or equivalent recommendations.
The most optimistic forecast came from Raymond James, where analyst Brian Gesuale initiated coverage with a Strong Buy rating and an $800 price target.
