Wall Street Banks Issue Divergent Price Targets for SpaceX

Wall Street investment banks initiated coverage of SpaceX Corp on Tuesday after the expiration of the IPO quiet period following the company's $86 billion initial public offering. While most analysts maintain bullish outlooks, the stock fell nearly 7% on Tuesday, closing approximately $11 below its debut price.

Lead underwriters Goldman Sachs, JPMorgan, Bank of America, and Morgan Stanley all issued the equivalent of buy ratings, with price targets between $205 and $300. Morgan Stanley provided the most aggressive growth forecast, projecting annual revenue to climb from $45 billion this year to $3.3 trillion by 2040. Bank of America described the company as a foundational enabler of the space economy, citing a flywheel effect where reusable launch technology generates cash flow for infrastructure like Starlink.

Other firms offered widely divergent valuations. Raymond James set a Street-high target of $800 with a Strong Buy rating, while Morningstar maintained a Sell rating with a $62 target. MoffettNathanson issued a neutral rating and a $131 target, challenging the company's claim of a $30 trillion total addressable market as absurd. Goldman Sachs and Morgan Stanley reportedly earned approximately $500 million in combined underwriting fees from the IPO.