Pivotal Research Sees 49% Upside in SpaceX (SPCX) Stock. Here’s Why
TLDR
- Pivotal Research initiated coverage on SpaceX (SPCX) with a Buy rating and a $220 price target
- The investment thesis hinges on SpaceX achieving Starship reusability of 20 to 50 flights per vehicle
- SPCX trades at $147.95, around 34% below its 52-week high of $225.64
- Quarterly revenue jumped 92% year over year to $7.81 billion, beating analyst estimates
- A share unlock on September 9 is the most immediate near-term risk for the stock
SpaceX (SPCX) stock is trading at $147.95, roughly 34% below its 52-week high of $225.64, but that gap hasn’t stopped Wall Street from warming up to it. Pivotal Research is the latest firm to initiate coverage, slapping a Buy rating on the stock with a $220 price target.
Space Exploration Technologies Corp., SPCX
The firm’s case is straightforward: everything depends on whether SpaceX can make Starship reusable. Specifically, Pivotal wants to see 20 to 50 flights per vehicle with cheap, fast refurbishment between launches. The analyst called this “a single admittedly massive engineering bottleneck.” Get it right, and the upside is enormous. Get it wrong, and SpaceX becomes, in their words, “a different and much smaller company.”
… Continue reading the full article at the original source below.
