Bernstein SocGen Reiterates Outperform on SpaceX, $239 Price Target

Bernstein SocGen Group analyst Douglas Harned reiterated an Outperform rating and $239 price target on SpaceX (NASDAQ: SPCX).

“Strong Starship progress; SpaceX performed its 13th launch of its Starship rocket on Friday.

This is the second launch of the V3 version of Starship, which is the version that will be used to place Starlink and data centers into orbit.

It is also the version that is planned for flights to the Moon. This was essentially a repeat of launch 12 after addressing issues that arose on the prior launch.

This launch 13 added deployment of 20 actual V3 Starlink satellites, although those satellites were not to become operational. The launch appears to be a major success, except for one material issue.

The issue on this flight was with the booster, as some engines failed to relight as the booster headed for splashdown, resulting in a hard landing. This was not ready for a landing on the launch pad.

SpaceX has landed and flown again the Starship booster. But, that was done with the V2 Starship, not the V3 version used on launch 12 and 13.

While all other aspects of the booster’s operation appeared to be a success, the landing was not.”

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