SpaceX Stock Primed for Massive 122% Upside, JPMorgan Says

Shares of SpaceX (NASDAQ: SPCX ) fell almost 14% Wednesday as the company’s second-quarter financial results, which revealed higher-than-expected capital spending, undermined investor sentiment. One analyst is pleased with the rockets-to-AI firm’s updated post-IPO goals. The SpaceX Analyst JPMorgan’s Doug Anmuth reiterated an Overweight rating on SpaceX and raised the price target from $225 to $240, implying an upside of 122% from Wednesday’s closing price of $108.27. Read Also: SpaceX Stock Falls: Gene Munster Calls Q2 ‘A Blow Out’ — ‘Market Missing the Point’ Analyst Takeaways The commercial space titan’s first quarterly earnings release as a public company were a "strong debut," Anmuth said in a new investor note. "We went into SpaceX’s earnings thinking there wouldn’t be big changes to numbers given the June IPO was less than 2 months ago — we were wr...