New Street Research initiated coverage of SpaceX (SPCX) with a bullish rating one day before its trading debut. The firm set a $165 price target for the aerospace giant. This target suggests a 22% upside from the expected $135 initial public offering price.
The price target corresponds to a potential equity valuation of approximately $2.3 trillion.
Analysts attribute the positive outlook to undervalued potential in the Starlink satellite internet service and artificial intelligence ambitions. New Street expects these segments to drive more future growth than the traditional launch business. The firm forecasts company revenues could reach $195 billion by 2030.