Citigroup Just Opened a “90-Day Catalyst Watch” on SpaceX, While JPMorgan Chase More Than Doubled Its Price Target. Here’s Why Wall Street Is Now So Bullish on the Stock
Since its initial public offering (IPO) in June, Space Exploration Technologies Corp (NASDAQ: SPCX) has been a battleground stock. The company went public at a huge valuation and now trades with a market cap of about $2 trillion.
Meanwhile, the company has continued to raise significant debt as it plans to spend heavily to pursue an ambitious slate of goals, including significantly expanding its artificial intelligence (AI) compute capacity and eventually launching data centers in space.
Although there is still a long way to go, SpaceX has recently been getting a lot of love from Wall Street. Analysts at Citigroup recently opened an “upside 90-day catalyst watch” on the stock, while analysts at JPMorgan Chase just more than doubled their price target.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.