Major Wall Street firms began formal research coverage of SpaceX after the post-IPO quiet period ended, with most issuing buy-equivalent ratings. Analysts pointed to the company’s launch business, Starlink broadband unit and government contracts, while noting the stock remains above its $135 IPO price.
Major Wall Street firms began formal research coverage of SpaceX after the post-IPO quiet period ended, with most issuing buy-equivalent ratings. Analysts pointed to the company’s launch business, Starlink broadband unit and government contracts, while noting the stock remains above its $135 IPO price.
Wall Street analysts have started publishing research on SpaceX following the end of the 25-day quiet period tied to the company’s June initial public offering, according to CoinDesk. Most major brokerages opened coverage with bullish ratings after SpaceX raised $75 billion in one of the year’s largest IPOs.
Wall Street analysts have started publishing research on SpaceX following the end of the 25-day quiet period tied to the company’s June initial public offering, according to CoinDesk. Most major brokerages opened coverage with bullish ratings after SpaceX raised $75 billion in one of the year’s largest IPOs.
The development matters because formal analyst coverage gives public-market investors their first broad set of institutional views on how to value SpaceX as a listed company. CoinDesk reported that the company also held 18,712 bitcoin as of March 31, adding a crypto-treasury angle to a business already watched closely by technology, aerospace and infrastructure investors.
SpaceX shares were priced at $135 in the IPO and were recently trading at $150.93 on Tuesday, still above the offering price but more than 6% below recent post-listing highs. The two lead underwriters, Goldman Sachs and Morgan Stanley, both initiated coverage with buy-equivalent ratings, setting price targets of $205 and $300, respectively.
Other banks including Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS and Wells Fargo also began coverage with buy or equivalent recommendations. Raymond James issued the most optimistic call cited by CoinDesk, starting SpaceX with a Strong Buy rating and an $800 target.
Analysts cited SpaceX’s position in launch services, Starlink satellite broadband and government contracts as key reasons for the positive outlook. CoinDesk noted that positive initiations are common after large IPOs, but the breadth of bullish coverage around SpaceX stood out among major firms.
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