Wall Street analysts began covering SpaceX (SPCX) following the expiration of the 25-day silent period following the company’s initial public offering (IPO) in June, and nearly all major brokerages launched their coverage with a bullish rating.
The aerospace and satellite company, which owned 18,712 bitcoins As of March 31, it went public in June, raising $75 billion in one of the largest IPOs of the year. The shares were priced at $135 in the offering. The stock was trading at $150.93 on Tuesday, more than 6% off recent post-listing highs but still above its IPO price.
The two lead underwriters, Goldman Sachs and Morgan Stanley, initiated coverage with buy-equivalent ratings. Goldman analyst Eric Sheridan set a price target of $205, while Morgan Stanley’s Adam Jonas assigned a target of $300.
They were joined by analysts from Bank of America, Citigroup, Deutsche Bank, JPMorgan, Macquarie, RBC Capital Markets, UBS and Wells Fargo, all of whom launched coverage with buy recommendations or equivalents.
The most optimistic forecast came from Raymond James, where analyst Brian Gesuale initiated coverage with a Strong Buy rating and a price target of $800.
