Piper Sandler Initiates SpaceX at Neutral, $156 PT
Piper Sandler analyst Alexander Potter initiated coverage of SpaceX (NASDAQ: SPCX) with a Neutral rating and a $156 price target.
“SpaceX (ticker: SPCX; market cap: $1.8T) – Initiating at Neutral. Undeniably, the emerging market for space-based services owes its existence to SpaceX.
After covering TSLA for 10+ years, we’re comfortable underwriting the multi-year thesis.
However, we’re initiating at Neutral, because there are some idiosyncratic near-term headwinds that we think will likely cap upside (specifically: staged lockup expirations and uncertainty re: a potential Tesla acquisition).
In addition, we think it’ll be some time before the market is convinced that SpaceX can deliver on its truly game-changing approach to launching orbital AI datacenters.
In the meantime, capex will easily consume 10s (if not 100s) of billions of USD annually. Our price target of $156 is based on 20x 2031 EV/EBITDA, discounted at 15%.”
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