While the August SpaceX (NASDAQ: SPCX) stock price rally took the equity only slightly above the initial public offering (IPO) value – and kept it well below its day-one close – Wall Street has been turning increasingly bullish on the company.
The latest example of institutional positivity came from JPMorgan (NYSE: JPM) analyst Doug Anmuth, who, on Tuesday, reiterated the ‘Overweight’ – ‘Buy’ – rating and set his 12-month price target for SPCX shares at $240 – 73.98% above their latest close at $137.95.
According to the Wall Street analyst, the optimistic forecast is based on increasing confidence in the future of Grok artificial intelligence (AI), especially in the context of the Cursor acquisition, and reflects the belief that monetization will significantly improve, thus turning into a major revenue driver for SpaceX.
Wall Street sets SpaceX stock price target for the next 12 months
Zooming out, JPMorgan’s latest price target is slightly more bullish than the average, though it is not the most optimistic estimate provided in August. Indeed, SPCX stock is considered an overall ‘Strong Buy’ that will rise 68.43% to $232.35 in the next 12 months.
Additionally, out of the 32 ratings issued since the IPO, twenty-four Wall Street analysts regard Elon Musk’s newer public company positively, five are neutral, and only three provided a ‘Sell’ recommendation.
Among the most recent notes, Morgan Stanley’s (NYSE: MS) Adam Jonas and Bernstein’s Douglas Harned proved the most optimistic, with the former setting his SpaceX stock price target for the next 12 months at $300 on August 19, and the latter raising his forecast from $239 to $248 two days later.
SpaceX stock price performance
Meanwhile, SPCX shares broke the downtrend that took them to the all-time low of $104.83 on August 5 and enjoyed an approximately week-long rally that took them above $146. The equity, however, subsequently paused its rise and even retraced 5.61% to $137.95 at the August 25 close.
Furthermore, SpaceX remains 38.86% below the $225.64 all-time high (ATH) it reached only four days after its IPO, and is 14.29% under its first-ever closing price despite the August recovery.
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