Key Takeaways
- SpaceX (SPCX) receives Outperform rating from Evercore ISI with $230 price objective
- Shares trading at $139.14, approximately 2% higher than the 52-week low of $136.78
- Analysts anticipate revenue and EBITDA expansion of 106% and 157% respectively by 2028
- Next Starship Flight 13 mission set for Thursday evening at 6:45 p.m. EDT from Texas Starbase
- Wall Street consensus rates SPCX as Strong Buy with average price objective of $245.32
On Monday, Evercore ISI launched coverage of SpaceX (SPCX) with an Outperform designation and established a $230 price objective, describing the aerospace manufacturer as “an extraordinary company on a real path to reshaping the future of humanity.”
Shares were changing hands at $139.14 when the coverage began, positioned merely 2% higher than the 52-week low of $136.78. The firm’s price objective suggests approximately 65% potential appreciation.
Space Exploration Technologies Corp., SPCX
This coverage launch arrives as SpaceX gears up for its 13th Starship test mission, planned for no sooner than Thursday evening at 6:45 p.m. EDT from the company’s Starbase facility in Texas.
Evercore analyst Kutgun Maral produced the comprehensive 150-page coverage document, featuring more than 130 exhibits and incorporating insights from specialists across cable and telecom, communications infrastructure, hardware, internet, and semiconductor industries.
Maral’s fundamental investment thesis centers on how SpaceX’s various operations create synergies. The reusable rocket technology reduces launch expenses, accelerating Starlink deployment. Starlink revenue streams then finance terrestrial computing infrastructure, mobile network services, and prospective space-based data centers.
Evercore’s Financial Projections
The investment bank forecasts SpaceX revenue and EBITDA will grow at compound rates of 106% and 157% respectively until 2028, while operating margins should expand from 35% to 69%. During the trailing twelve months, SpaceX generated revenue of $19.3 billion alongside EBITDA of $3.95 billion.
Wall Street expects 95% revenue expansion for the current fiscal year. The evaluation examines five operational divisions: launch services, Starlink connectivity solutions, mobile network strategy, ground-based computing, and space-based computing infrastructure.
Maral acknowledged significant uncertainties. Starship hasn’t successfully deployed an operational payload yet. Starlink’s mobile offerings need to demonstrate substantial market adoption. Space-based computing capabilities might not undergo testing until 2029 or beyond.
Starship Flight 13: Critical Mission Ahead
Thursday’s Starship Flight 13 represents the second evaluation of the upgraded Version 3 configuration, which offers greater size and capability compared to previous iterations.
The May test flight encountered significant challenges. The Super Heavy booster moved into an unplanned orientation during stage separation, sustained thermal damage, and multiple engines failed to reignite, resulting in complete booster loss.
The Federal Aviation Administration has authorized SpaceX to move forward following completion of its investigation into that incident.
Stifel maintains a Buy recommendation on SPCX with a $190 price objective. Raymond James holds a Strong Buy rating with an $800 target. Bernstein SocGen Group assigns an Outperform designation with a $239 price objective.
Wall Street’s overall consensus for SPCX stands at Strong Buy, supported by 23 Buy ratings, four Hold ratings, and one Sell rating issued during the previous three months. The consensus price objective among analysts reaches $245.32, indicating approximately 72% upside potential from present trading levels.
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