As Space Exploration Technologies Corp. (NASDAQ: SPCX) stock fell by around 6% on August 20, driven by the unlocking of 319 million shares from early investors and employees, Adam Jonas, a Wall Street analyst at Morgan Stanley (NYSE: MS), has predicted a rally towards a new all-time high (ATH) over the next 12 months.
Jonas has maintained a ‘Buy’ rating for SpaceX stock, according to a note sent to clients that Finbold analyzed on Thursday. He reiterated a 12-month price target for SPCX of $300, thereby suggesting a potential 126.89% upside.
The analyst based the bank’s bullish thesis on the assumption that Grok Bot is one step in building an enterprise platform that combines intelligence, real-time data, low-cost and scalable compute into a wide suite of enterprise tools.
Most importantly, Morgan Stanley argued that most investors still value SpaceXAI as a successful neocloud, a specialized cloud provider built primarily for AI and high-performance computing workloads.
Wall Street analysts remain bullish on SpaceX stock
As Jonas reaffirmed a bullish proposition for SpaceX, Markus Leistner, an expert at DZ BANK AG, downgraded SPCX to a ‘Sell’ rating earlier on Thursday. As such, 32 analysts surveyed by TipRanks have set an average 12-month price target of $232.35, which suggests a likely 75.73% uptick.
At the time of writing, the highest SPCX stock price forecast for 12 months was $800, while the lowest was at $75, as Finbold reported.
SPCX’s price outlook
After a 42% rebound from an all-time low (ATL) of $104.9 earlier this month, SPCX’s price has fallen by over 9% over the past 2 days amid bearish sentiment caused by share dilution. At the time of publication, this company had a market capitalization of about $1.8 trillion.
Consequently, if SpaceX continues to see growth in its AI amid adoption of Starlink, Jones and Wall Street analysts’ price targets of new ATH for SPCX could be achieved.
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