Wall Street analysts began covering SpaceX (SPCX) after the 25-day quiet period expired following the company’s IPO in June, with nearly every major brokerage initiating coverage with a bullish rating.
The aerospace and satellite company, which held 18,712 bitcoins as of March 31, went public in June, raising $75 billion in one of the year’s largest IPOs. The shares were priced at $135 during 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 largest underwriters, Goldman Sachs and Morgan Stanley, both initiated coverage with ratings equivalent to Buy. Goldman analyst Eric Sheridan set a price target of $205, while Morgan Stanley’s Adam Jonas set 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 initiated 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 a price target of $800.
