SpaceX shares receive a bullish call from Evercore ISI as the company prepares for its 13th Starship test flight this week.
Evercore ISI initiated coverage of SpaceX with an Outperform rating and a $230 price target, representing 65% upside from the stock’s $139.14 close. The firm’s analyst described SpaceX as a vertically integrated company reshaping space exploration and satellite deployment, despite recent share declines of over 38% from its peak of $225.64.
SpaceX is set to attempt its 13th Starship test flight as early as Thursday, marking the second launch of its upgraded Version 3 design. The previous flight in May saw the Super Heavy booster suffer heat damage and engine failure during return, leading to its loss. The company has been refining the vehicle since 2023, with Starship critical to its heavy-lift launch and lunar/Mars ambitions.
Shares have struggled since SpaceX’s June 12 public debut, falling nearly 7% in the past five days. Evercore’s bullish stance contrasts with the recent selloff, citing SpaceX’s long-term potential in space travel and satellite markets.