SpaceX (SPCX) Stock Upgraded to ‘Buy’ by Argus amid Morgan Stanley’s $300 Price Target
Highlights
- Wall Street firm Argus Research upgrades SpaceX (SPCX) stock to ‘Buy’ from Hold.
- Argus analyst set a $160 price target as Morgan Stanley reiterates $300 price target.
- SPCX stock jumps 4% further on Friday amid cooling US jobs data and analysts forecasts.
SpaceX (SPCX) stock is upgraded to ‘Buy’ from ‘Hold’ by Wall Street firm Argus Research on Friday. This comes as Morgan Stanley has maintained its $300 base-case price target for SPCX, citing strong revenue and earnings in Q2. SPCX stock jumped 4% further to $120 today.
Argus Research Recommends Buying SpaceX Stock
According to Walter Bloomberg’s X post on August 7, Argus Research upgraded SpaceX from Hold to Buy and set a $160 price target.
The firm pointed to robust growth and solid operational results reported by Elon Musk’s SpaceX in Q2 earnings. The firm reported $7.8 billion in revenue, up 92% year-over-year. SpaceX also signaled year-end revenue approaching $100 billion.
While higher capital spending tied to AI infrastructure and IPO share unlock turned investors cautious, Wall Street analyst Steven Silver pointed out potential rapid payback periods on these AI investments.
This shows Wall Street analysts are looking beyond heavy AI spending amid strong growth in computing capacity and the Starlink satellite network.
Argus said SpaceX’s annualized revenue could approach $100 billion by the end of this year. The firm added that the company’s launch business, Starlink satellite network and combination with artificial intelligence infrastructure should support long-term growth.
As CoinGape reported earlier, Bernstein maintained an ‘outperform’ rating on SpaceX, but raised SPCX stock price target to $248 from $239.
SPCX Stock Jumps Over 4%
Morgan Stanley maintaining its Overweight rating and a $300 price target on SpaceX (SPCX) stock has turned broader Wall Street analyst bullishness toward 12-month price targets. Wall Street remained bullish despite recent pullbacks toward $110.
SPCX stock has jumped more than 4% further to $120 today after surging over 7% a day ago. Markets were in shock as the stock surged despite more than 911 million SpaceX IPO unlocks.
More unlocks are expected in the coming weeks, with over 4 billion shares becoming tradable by year-end, creating a potential overhang even as long-term fundamentals remain in focus.
SpaceX stock is also surging today as the July U.S. jobs report came in softer than expected, with the U.S. economy losing 23,000 jobs. The broader US stock market jumped higher as Fed rate cut odds in September crashed.
Bitcoin has climbed on the back of macro data signaling that the labor market is still showing signs of weakness. With hopes of the US-Iran war nearing an end amid diplomatic deals, Prediction markets data shows that there is a 63% probability for Fed rates to remain unchanged after the FOMC meeting.
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