The firm initiated coverage with a strong buy rating, forecasting over 400% upside from current levels amid long-term growth projections.
Raymond James initiated coverage on SpaceX (SPCX) with a strong buy rating and an $800 price target, the highest among Wall Street analysts. The target implies more than 400% upside from current levels, driven by ambitious long-term growth projections for the company’s Starship rocket platform.
Analysts typically issue bullish ratings on recent IPOs, particularly underwriters seeking to support new listings. However, Raymond James’s price target stands out, significantly exceeding peers. The firm’s thesis centers on Starship enabling new industries, including space-based manufacturing and rapid Earth cargo transport.
SpaceX remains privately held, but the initiation reflects growing investor interest in its potential public market debut. The stock’s valuation hinges on speculative future revenue streams, including asteroid mining and orbital data centers.