SpaceX price target rises as Evercore ISI sees upside ahead of results
Investor focus is turning to SpaceX's upcoming third-quarter report as analysts look for clearer signals on the company's launch, satellite and longer-term growth plans. Evercore ISI says that added visibility could support a higher valuation, raising its price target to $275 from $230 and implying 85% upside from Thursday's close.
Highlights
- Evercore ISI maintains an outperform rating on SpaceX ahead of Q3 results, expecting clarification of business concerns and upside potential.
- Analysts anticipate Q3 earnings per share of 14 cents on revenue of $12.738 billion, with significant catalysts expected in 2025 from Starship satellite deployments and demonstrated reuse.
- SpaceX shares have gained about 13% over the past three months, with 33 of 42 analysts rated buy or strong buy according to LSEG data.
Analyst case ahead of third-quarter results
As reported by CNBC, Evercore ISI says Space Exploration Technologies could get a boost after it reports third-quarter results, as investors gain more clarity on several parts of its business.The firm maintains an outperform rating on SpaceX and says skepticism around the company may be overstated despite concerns that some of its biggest initiatives appear distant or difficult to model financially. Analyst Kutgun Maral says the proof points are nearer than many investors appreciate.
SpaceX is due to post third-quarter financial results in early November. Analysts polled by LSEG expect earnings per share of 14 cents on revenue of $12.738 billion.
Next-year catalysts and market positioning
Evercore ISI says several transformative catalysts should emerge next year, including multiple SpaceX satellite deployments using Starship. Maral says reuse could be proven within the next few flights and that investors may not need thousands of launches to begin assigning value, only successful reuse and a series of clean flights.The note also points to Elon Musk's target of the fourth quarter of 2027 for the first Starmind AI satellites, which Evercore ISI says should begin to address questions about the feasibility of orbital compute.
Evercore ISI's view broadly aligns with Wall Street sentiment. LSEG data shows 33 of the 42 analysts covering SpaceX have a buy or strong buy rating on the stock, while the shares have risen about 13% over the past three months.
In our earlier coverage of Elon Musk’s comments on Grok-powered transactions, we noted his claim that SpaceX would reimburse users for losses if Grok makes a purchase mistake or leaks card details. The article emphasized that the scope of this pledge was unclear and placed it in the broader context of rising liability and security concerns as AI agents begin handling payments and bookings.
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