Raymond James analysts issued a "Strong Buy" rating on SpaceX (NASDAQ: SPCX) with an $800 price target, roughly seven times the stock's current trading level around $113, following a rocky start since the company's IPO.
What Happened
The price target came after SpaceX completed Starship's 13th test flight last Friday. Raymond James analysts cited key milestones including a successful heat shield test detailed by CEO Elon Musk, smooth deployment of Starlink V3 satellites, and a successful in-space engine relight. The mission also achieved safe splashdown in the Indian Ocean while the Super Heavy Booster landed in the Gulf of America without incident. Starship initially faced delays due to Raptor engine issues that were resolved before launch, along with a weather-related postponement on Thursday.
Why It Matters
The analyst upgrade signals investor confidence after SpaceX's stock struggled following its IPO, reaching an all-time high of $225.64 shortly after going public before declining significantly. The strong Starship test flight demonstrated that the company's engineering milestones continue to drive market sentiment, with analysts pointing to reduced engineering risks as a factor in their bullish outlook.
The Bottom Line
SpaceX shares currently trade around $113 with an $800 price target from Raymond James representing roughly 7x upside potential based on confidence in Starship's development and operational milestones achieved during its 13th test flight.