Key Highlights
- SpaceX (SPCX) stock receives inaugural Outperform rating from Evercore ISI with $230 price objective
- Shares are currently priced at $139.14, hovering just 2% higher than the 52-week bottom of $136.78
- Wall Street firm anticipates revenue and EBITDA expansion of 106% and 157% respectively by 2028
- The company’s 13th Starship test flight is slated for Thursday evening at 6:45 p.m. EDT in Starbase, Texas
- Street consensus on SPCX reflects Strong Buy sentiment, with analysts targeting $245.32 on average
On Monday, Evercore ISI launched its coverage of SpaceX (SPCX) stock with an Outperform recommendation and established a $230 price objective, describing the aerospace manufacturer as “an extraordinary company on a real path to reshaping the future of humanity.”
At the time coverage began, shares were changing hands at $139.14, positioned merely 2% beyond the 52-week floor of $136.78. The investment bank’s target price suggests approximately 65% appreciation potential from current trading levels.
Space Exploration Technologies Corp., SPCX
The coverage launch arrives as SpaceX gears up for Starship’s 13th experimental mission, planned for Thursday evening at 6:45 p.m. EDT, launching from the company’s Starbase facility in Texas.
Evercore’s equity analyst Kutgun Maral compiled the comprehensive 150-page research report, featuring more than 130 data exhibits and incorporating insights from specialists across cable, telecom, communications infrastructure, hardware, internet, and semiconductor industries.
Maral’s fundamental investment thesis emphasizes how SpaceX’s various operations create synergies. The company’s reusable launch vehicles reduce orbital access costs, accelerating Starlink constellation deployment. Subsequently, Starlink’s cash generation finances additional ventures including ground-based computing infrastructure, mobile network services, and potentially space-based data centers.
Evercore’s Financial Projections
The investment bank forecasts SpaceX’s top-line and EBITDA to grow at compound rates of 106% and 157% respectively through 2028, while operating margins are expected to balloon from 35% to 69%. During the trailing twelve-month period, SpaceX generated $19.3 billion in revenue alongside $3.95 billion in EBITDA.
Wall Street estimates point to 95% revenue acceleration for the current fiscal year. The comprehensive analysis examines five core business divisions: orbital launch operations, Starlink internet services, mobile telecommunications strategy, ground-based computing solutions, and space-based computing infrastructure.
Maral acknowledged significant execution challenges ahead. Starship has yet to successfully deploy a commercial payload. Starlink’s mobile offering requires meaningful subscriber adoption. The orbital computing concept may remain untested until 2029 or beyond.
Starship Flight 13: Critical Milestone Approaching
Thursday’s Starship Flight 13 represents the second operational test of the enhanced Version 3 configuration, featuring increased size and thrust capabilities compared to previous iterations.
The May test flight encountered substantial difficulties. During stage separation, the Super Heavy booster moved into an unplanned orientation, sustained thermal damage, and experienced multiple engine restart failures, ultimately resulting in complete booster loss.
Following its investigation into that anomaly, the FAA has authorized SpaceX to proceed with the upcoming launch attempt.
Stifel maintains a Buy recommendation on SPCX shares with a $190 price objective. Raymond James holds a Strong Buy stance with an $800 target. Bernstein SocGen Group assigns an Outperform rating with a $239 price goal.
Wall Street’s overall perspective on SPCX remains decidedly bullish at Strong Buy, supported by 23 Buy ratings, four Hold recommendations, and one Sell rating issued over the past three months. The consensus price target among covering analysts sits at $245.32, representing approximately 72% upside from present valuation levels.
