UBS Reaffirms Buy on SpaceX, $210 PT
UBS analyst John Hodulik reiterated a Buy rating and $210 price target on SpaceX (NASDAQ: SPCX).
“Following a solid 2Q print, we believe SpaceX had a number of wins in the quarter, including successful Starship launches, additional cloud compute deals, and strong adoption of new AI products.
We now expect 3Q revenues of $13.8B (7% higher vs. Street $12.9B), and adj. EBITDA of $7.5B (+9% vs. Street $6.9B).
The AI segment should lead the way with $7.6B in quarterly revenues driven by scaling up the Anthropic deal and initial contribution from Google.
We believe Connectivity grew 59% y/y to $4.9B in revenues while Space revenues ramped to $1.3B from ~$1B in 2Q, supported by 35 launches.
With capex at an estimated $19.3B, we believe the company burned $13.2B in cash during the quarter as it scales across its multiple business vectors.”
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