Despite the recent turmoil among big tech firms and on Wall Street as a whole, institutional analysts have remained confident that SpaceX (NASDAQ: SPCX) stock will enjoy a period of strong performance in the next 12 months.
The most recent example of the overall optimism came early on Monday, November 9, when Stifel Nicolaus’ Jonathan Siegmann reiterated his previous ‘Buy’ rating and the $190 price target, effectively forecasting a 41.51% rally from the latest SPCX closing price of $134.27.
Notably, however, the impact of the 30-day sell-off is visible despite the positive recommendation. Specifically, the other two price targets assigned in November were significantly higher.
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On November 6, both Barclays analyst Brendan Lynch and Edison Yu from Deutsche Bank published their ‘Buy’ ratings, but forecasted a rally to $300 and $250, respectively.
Analysts predict SPCX stock price in the next 12 months
Zooming out even further, Wall Street as a whole remains highly optimistic toward SpaceX stock, despite the equity suffering a 22% drop from the early October local high above $170 and sliding below its initial public offering (IPO) price of $135 late last week.
Indeed, SPCX shares are, overall, considered a ‘Strong Buy’ and saw twenty-eight positive, five ‘Hold’, and one ‘Sell’ recommendation assigned in the last three months, per the data Finbold retrieved from TipRanks on November 9.
Additionally, SpaceX stock is expected on average to rally 88.86% to $253.57 in the next 12 months.
SpaceX stock price regains uptrend after severe monthly drop
Finally, SPCX shares’ latest stock market moves appear to back Wall Street’s stout bullishness. Despite declining 17.41% in the last 30 days and plummeting roughly 10% during the Thursday bloodbath, they have regained an uptrend in subsequent trading.
Specifically, after rising more than 8% on Friday, November 6, SpaceX stock extended the gains with a 2.07% rally to $137.05 in the Monday pre-market. Notably, the extended session move also moved the equity of Elon Musk’s newer public company above its IPO price.
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