Morgan Stanley says this multi-trillion dollar stock is cheap and getting cheaper
Yahoo Finance ·
SpaceX (NASDAQ: SPCX) appears undervalued and continues to look more attractive when growth is factored into the equation, according to Morgan Stanley analyst Adam Jonas. The firm reaffirmed its Overweight rating and a $300 price target on the equity. While headline metrics based on estimated 2028 EV/EBIT show a premium compared to other major AI peers, the stock trades at a significant discount on a growth-adjusted basis. Investor sentiment has remained subdued, and common market worries regarding Grok performance or Starlink Mobile spectrum access are already priced in. Potential catalysts ahead include the Starship Flight 15 test scheduled for late October or early November, the third-quarter earnings report, and upcoming neocloud agreements, though several operational and regulatory risks remain.
AI 시장 분석
Morgan Stanley analyzed that SpaceX (SPCX) is 40% undervalued compared to the mega-cap median at 0.3x based on estimated 2028 EV/EBIT/Growth, considering its high growth potential. The price target of $300 and Overweight rating were maintained, with future Starship launches and NewCloud contracts cited as key catalysts. Investors should closely monitor future AI monetization and regulatory risks.
상승 영향
- Aerospace — Investor sentiment may improve as Morgan Stanley highlights SpaceX's undervaluation relative to its high growth, issuing a $300 price target and Overweight rating.
- AI — Short-term NewCloud contracts for SpaceX are formed at $30-50 per power, providing additional upward momentum to stock prices from the AI infrastructure business value.
하락 영향
- Aerospace — If risks such as Starship reuse delays, regulatory bottlenecks, and funding needs materialize, the stock could drop to $100 within 12 months.
DYAX 전담 분석
According to Morgan Stanley's analysis, SpaceX looks expensive on surface metrics but offers an attractive entry point from a PEG valuation perspective that reflects high growth. The current share price of $159 reflects only the value of the space and connectivity business, leaving AI potential undervalued.
In the bull case, successful recovery of Starship 15 and additional NewCloud contracts could drive the stock toward the $300 price target. Conversely, in the bear case, Starship test delays or slower AI monetization could push the stock down to the $100 level, requiring close attention to power-per-computing prices and Q3 earnings releases.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
Bullish (Long) 29% · Bearish (Short) 71%
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