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 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 launched 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.