HSBC initiated coverage on Space Exploration Technologies Corp. (SPCX) with a Hold rating.
The bank established a $115 price target.
This valuation sits below the company's recent $135 IPO price.
Shares have remained volatile after falling significantly from an initial post-IPO surge.
Analysts stated the current price already reflects growth from launch services, Starlink, and AI initiatives.
HSBC applied an innovation premium for Elon Musk’s leadership but sees limited upside from current levels.