Live markets: Bitcoin climbs near $64,000 as AI favorites plunge on Tuesday
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- SpaceX (SPCX) emerged from its 25-day post-IPO quiet period on Tuesday, triggering Wall Street to launch formal analyst coverage on the stock
- Goldman Sachs analyst Eric Sheridan initiated with a buy-equivalent rating and a $205 price target, while lead underwriter Morgan Stanley's Adam Jonas set a $300 target with the same rating
- Bank of America, Citigroup, Deutsche, JPMorgan, Macquarie, RBC, UBS, and Wells Fargo all joined the buy-or-buy-equivalent chorus, making the sell-side consensus overwhelmingly bullish
- Raymond James analyst Brian Gesuale posted the Street's highest target at $800 with a strong buy, calling SpaceX "one of the defining industrial infrastructure companies of the 21st century"
- SPCX shares sat flat at $160 in premarket trading, roughly 19% above the $135 IPO price set during the quiet period
- The $205-to-$800 target spread reveals deep valuation disagreement beneath the uniform buy ratings — a roughly 4x gap between the most cautious and most optimistic banks on the Street
Why it matters: Ten major banks initiating at buy or buy-equivalent sends an unambiguous bullish signal, but the nearly 4x spread between Goldman's $205 and Raymond James' $800 price targets exposes how little consensus actually exists on SpaceX's value. With SPCX already trading 19% above the $135 IPO price, the premium-to-IPO trade is partially priced in, leaving the bull case dependent on which bank's target proves closer to reality.
