Forget Rockets. This Is The Real Reason Wall Street Can't Stop Buying SpaceX.
Wall Street is still optimistic about the stock after it dropped below its IPO price.
Overview
SpaceX (NASDAQ: SPCX), the aerospace and AI company founded by Elon Musk, went public in the largest IPO in history on June 12. It initially soared from its IPO price of $135 to a record closing price of $211.39 on June 16, but now trades at about $108 per share.
However, Wall Street remains overwhelmingly bullish on SpaceX's growth potential. The dozens of analysts who cover SpaceX still have an average price target of $236.71 on the stock, with its highest target (from Raymond James' Brian Gesuale) at $800.
Details
Those bullish estimates are based on the idea that SpaceX will expand far beyond rockets and satellites to become an artificial intelligence (AI) powerhouse. But is that outlook too optimistic?
Source
Originally published at www.fool.com.