Raymond James Sets Wall Street's Highest Price Target on SpaceX Stock at $800. Here's the Math Behind the 425% Upside Call.
Yahoo Finance ·
After a company completes its initial public offering (IPO), Wall Street analysts who work at the banks that underwrote the offering must refrain from issuing equity research about it for a specific period of time. This is known as the quiet period. For Elon Musk's Space Exploration Technologies ( SPCX +2.38% ) , that period just ended. Unsurprisingly, a flurry of reports from sell-side analysts just dropped. While the consensus across Wall Street is generally bullish for SpaceX, one analyst in particular sees outsized potential for the stock. Brian Gesuale of Raymond James has initiated coverage with an $800 price target. This is the highest forecast among analysts, and points to an upside of about 425% from SpaceX's current trading levels. The optimism stems from a glowing view that SpaceX will emerge as a provider of the foundational infrastructure layer of the 21st century. Let's consider what that means, as well as how investors should assess Wall Street analysts' research. Raymond James believes that SpaceX's total addressable market will approach $30 trillion in the long run. Of note, this is slightly larger than the $28.5 trillion addressable market that SpaceX asserted that it had in its S-1 filing.
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