Citi, Morgan and Bofa join BTG in recommending the purchase of SpaceX

Citi, Morgan Stanley and Bank of America shared the same optimism regarding SpaceX (SPCX), initiating coverage of the aerospace company's shares with buy recommendations. But each financial house adopted a different target price for the company.

In a report, Citi initiated coverage with a price target of $200 for the end of 2026.

"We believe this target price is a milestone on the path towards US$900 or more - a level that becomes realistic if important engineering achievements are demonstrated at scale", the analysts noted.

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In Citi's reading, ultimately, Starship's successful implementation could pave a more affordable and scalable path to unlocking the economic potential of space, which would provide SPCX with access to multibillion-dollar markets that no other company can realistically tap.

SPCX is at the beginning of a period of two to three years particularly rich in catalysts, assessed analysts at Citi, who will make an online broadcast on the Space Economy and the Future of AI, on July 8th.

Morgan Stanley has set a price target of $300 and an intentionally wide range with a pessimistic scenario that could take the price to $75, while in an optimistic scenario, the stock could have a boost to $600.

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The bank's artificial intelligence and robotics strategist, Adam Jonas, noted that SPCX combines a near-monopolistic launch profile, the world's largest network of low-orbit satellites and a rapidly growing AI infrastructure business.

For him, the company is one of the few platforms capable of connecting "assets in orbit", global connectivity and computing capacity in a single infrastructure.

In the base case, he models revenue rising from $45 billion in 2026 to $319 billion in 2030 and $3.3 trillion in 2040, with the greatest upside asymmetry tied to Starship, Starlink capacity, terrestrial computing, and orbital computing.

Jonas highlights four key indicators (KPIs) for the action: revenue per watt, cost per watt, cost per kg to launch into orbit and connected Starlink subscribers.

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Bank of America Securities projected a $235 price target.

"SpaceX has evolved from a launch company to the fundamental pillar that enables the space economy," commented BofA analysts.

For the institution, SpaceX has a unique ability to transform launch and manufacturing operations into market-leading, recurring applications businesses.

BTG Pactual started covering SpaceX with a recommendation to buy the American company's shares, with a target price of US$225 for the shares in 12 months.

On Tuesday (7), SpaceX fell 6.8%, to US$ 149.47, on the Nasdaq, on a day in which the stock became part of the Nasdaq 100 index.

The closing price was below the $150 at which the shares began trading on June 12 following their initial public offering.

Source: CNN