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HSBC begins covering SpaceX with a “hold” rating and expects the shares to be fully priced at $115:
According to CNBC, HSBC has begun covering SpaceX with a “hold” rating and a target price of $115, saying the company is already priced above its value even after a premium for Elon Musk’s strong track record. The bank added that its “sum of the parts” approach includes an innovation premium of two times (2x), and sets the target below SpaceX’s IPO offering price of $135 and slightly below the most recent trading level of around $118. HSBC said investors already seem to be factoring in a large portion of SpaceX’s long-term growth potential, including the expansion of Starlink, an increased launch cadence, and the development of its artificial intelligence initiatives. The company also said its most optimistic scenario values SpaceX at $293 per share if Starship becomes commercially viable in 2027, if launch capacity doubles versus the base case, if Starlink reaches a larger addressable market with higher average revenue per user, and if the company’s AI assets win richer valuation multiples.
$SPCX