Evercore ISI has launched coverage of SpaceX with an “outperform” rating and a $230 price target, implying roughly 65% upside from Monday’s close, even as the stock contends with a recent pullback. “The upside skew is too compelling to ignore,” analyst Kutgun Maral wrote in a Tuesday note. “While one can debate the feasibility of certain ambitions and timelines, we don’t think there’s a debate that this is an extraordinary company on a real path to reshaping the future of humanity.”
Shares have retreated nearly 7% over the past five sessions and sit more than 38% below their peak of $225.64, pressured by valuation concerns and the scale of the company’s ambitions. However, Maral argues the setup remains attractive if SpaceX executes on key milestones, including the orbital debut of its heavy-lift Starship vehicle by year-end. Additional catalysts include scaling the Starlink broadband constellation and establishing a foothold for the Grok artificial intelligence platform in a fiercely competitive market. “Growth can accelerate rather than fade as the decade wears on,” Maral added.
The bullish stance aligns with broader Wall Street sentiment. According to LSEG data, 26 of the 31 analysts covering SpaceX rate the stock a buy or strong buy.