Wall Street Banks See Further Upside for SpaceX, Set Targets as High as $300
Summary
- Major Wall Street investment banks issued higher price targets and buy and overweight ratings on SpaceX.
- Morgan Stanley, Deutsche Bank, Citigroup, UBS, BofA and JPMorgan set price targets of $200 to $300 and outlined a long-term upside case of more than $900.
- The firms also cited risks, with Morgan Stanley giving a fair-value range of $75 to $600 and Goldman Sachs estimating $270 billion in additional funding will be needed.
Forecast Trend Report by Period
Wall Street banks that worked on SpaceX’s initial public offering have issued their first research reports, offering broadly bullish views on the company.
Goldman Sachs, Morgan Stanley and UBS were among the IPO underwriters that published investment ratings after the lockup period expired, the Financial Times reported on July 7. SpaceX shares rose from their $135 offering price last month to as high as $225, but have recently traded around $151.
Morgan Stanley assigned an Overweight rating and a $300 price target. Deutsche Bank initiated coverage with a Buy rating and a $255 target, writing that SpaceX is “changing the arc of history to make humanity a multiplanetary species.”
Citigroup set a year-end target of $200, but said the stock could climb above $900 over the long term if Starship development advances successfully. Commercial deployment of Starship would establish key infrastructure for the space economy and give SpaceX an early lead in a new market worth trillions of dollars, Citi said.
UBS set a $210 price target, citing reusable rockets and Starlink as SpaceX’s biggest strengths. It also said the company could bolster its AI business through the Grok chatbot and AI coding startup Cursor. Bank of America set a $235 target and said SpaceX’s future valuation should incorporate the “option value” tied to the growth potential of the space industry.
The brokerages also highlighted risks. Morgan Stanley put the stock’s fair-value range at $75 to $600 depending on business execution, while Goldman Sachs estimated that SpaceX will need about $270 billion in additional funding to carry out its business plans from 2026 to 2030.
JPMorgan set a $225 price target and described Musk’s leadership as a core competitive advantage, saying “there is only one Elon.” SpaceX was also recently added early to the Nasdaq 100 Index, raising expectations for additional inflows from passive funds that track the benchmark.
