Wall Street analyst updates SpaceX stock price target

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. Wall Street analysts update SpaceX stock price target 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. SpaceX stock price one-month chart. Source: Google 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 . Featured image via Shutterstock