Analysts Initiate Bullish Coverage of SpaceX After IPO Quiet Period

Wall Street analysts have begun overwhelmingly positive coverage of SpaceX (SPCX) after the completion of the 25-day post-initial public offering (IPO) quiet period. The company’s stock, launched at $135 during its June IPO which raised $75 billion, was trading at approximately $150.93. This figure represents a decline of over 6% from its recent highs, but remains above the initial offering price.

Major banks and brokerage houses, including Goldman Sachs and Morgan Stanley, initiated coverage with buy-equivalent ratings, with price targets for the stock varying significantly. Goldman analyst Eric Sheridan set a target of $205, while Morgan Stanley’s Adam Jonas offered a $300 price target. Many other firms followed suit, all issuing buy or equivalent recommendations. The most optimistic forecast came from Raymond James, where analyst Brian Gesuale released a Strong Buy rating and an $800 price target, stating, "We see the company as one of the defining industrial infrastructure companies of the 21st century."

This broad endorsement illustrates a strong confidence in SpaceX's diverse and fast-growing operations, ranging from launch services to satellite broadband via Starlink and government contracts. Analysts highlighted the company's potential for recurring revenue generation in its communications segment, along with an increased launch frequency.

The end of the quiet period marks the first chance for underwriting banks to publish formal research on the stock, which can provide investors valuable insights into how institutional analysts value a newly public entity. While it is not uncommon for firms to initiate coverage positively after large IPOs, the scale of support for SpaceX stands out, as nearly every major firm has issued a bullish recommendation.