Wedbush analyst Sam Brandeis issued a note on June 30 in which he positioned SpaceX (NASDAQ: SPCX) stock as ‘Outperform’ – ‘Buy’ – and forecasted the equity’s price would rise to $190 in the next 12 months for an 11.20% rally from the latest $170.86 close.
According to the Wall Street expert, Elon Musk’s newer public company is in a strong position to join the ranks of ‘hyperscalers’ and boasts multiple bullish differentiators.
Indeed, SpaceX launch capabilities, connectivity, and artificial intelligence (AI) infrastructure all help ensure strong vertical integration for the company.
Brandeis also specified that some of the firm’s strongest assets are the Starship ‘demand flywheel,’ the connectivity ‘footprint’ of Starlink, and the growing network of partnerships for the Colossus data centers.
Lastly, the analyst from Wedbush noted that the 24-year-old, $2.25 trillion company is still in the early stages of penetrating the global markets with regard to the global broadband and telecom markets.
SpaceX stock regains uptrend after deep correction
Sam Brandeis’ analysis came amidst a trend reversal for SpaceX stock – its second since the June 12 initial public offering (IPO). Specifically, SPCX shares were originally offered at $135 but soared to $150 already in the morning of the IPO before climbing to their all-time high (ATH) of $225.64 within less than a week.
A bond offering paired with the selling opportunity presented by the rapid upsurge, however, presented powerful headwinds, and SpaceX stock crashed to its $153 closing price by June 25 for a 32.19% loss from the ATH.
By press time on July 1, Elon Musk’s newer company is again climbing, likely to a mix of factors including the buying opportunity presented by the price collapse and the confirmation that the firm would be included in the Nasdaq-100 on July 7.
SPCX stock found its latest close at $170.86 and rallied another 1.68% to $173.73 in the subsequent extended session.
SpaceX stock technical analysis
Simultaneously, technical analysis (TA) shared by the popular on-chain analyst on X, Ali Martinez, indicates that SpaceX stock is, given the latest uptrend, now aiming for $180 thanks to the decisive breakout above $165.
In early June, Marinez cautioned against rushing into the SPCX IPO, arguing that the shares are likely to crash soon after the initial rally, thus presenting a safer and superior buying opportunity later in their lifetime.
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