Wall Street analysts have begun covering SpaceX ( SPCX ) following the end of the 25-day quiet period following the company’s June initial public offering (IPO), when nearly all major brokerages launched their coverage with a bullish rating.
The aerospace and satellite company, which had 18,712 bitcoin per March 31, went public in June, raising $75 billion in one of the year’s largest IPOs. The shares were priced at $135 in the offering. The stock traded at $150.93 on Tuesday, down more than 6% from recent post-IPO highs but still above IPO.
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 whom launched coverage with buy or equivalent recommendations.
The most bullish forecast came from Raymond James, where analyst Brian Gesuale initiated coverage with a Strong Buy rating and an $800 price target.
