JPMorgan Reiterates Overweight on SpaceX, $225 PT

JPMorgan analyst Seth M. Seifman reiterated an Overweight rating and $225 price target on SpaceX (NASDAQ: SPCX).

“SpaceX intends to launch its 13th Starship test flight this evening.

Given the high profile nature of the event and Starship’s importance to the company’s long-term plans, we could see the stock move, with the direction depending on the outcome of the test.

Stepping back, however, this test launch is just one step of many toward a rapid Starship launch cadence and full reusability.

SpaceX anticipates the launch will occur no earlier than 6:45pm ET on July 16 from its launch complex at Starbase, TX.

While this will be the 13th Starship launch, it is the second launch of the V3 configuration, which should be deploying Starlink and eventually AI satellites to orbit in the coming years, as well as landing astronauts on the moon.

The launch should feature the 20th Super Heavy booster as well as upper stage Ship 40.

Flight 13 mission objectives should be similar to Flight 12, with the upper stage headed to a sub-orbital trajectory.

Since the last flight, SpaceX has modified the Super Heavy to improve re-light reliability and engine alarms and aborts. In addition, Flight 13 will attempt to relight an upper stage engine in flight.

Actual Starlink satellites will be aboard Flight 13, whereas Flight 12 carried dummies, and while these satellites will not stay in orbit, they should connect to the larger constellation briefly and provide SpaceX with visual data about the Ship’s heat shield in preparation for a return flight to the launch pad later this year.

This test will carry 20 Starlink broadband V3 satellites, whereas future launches are intended to carry up to 60.”

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