As investors drove SpaceX (NASDAQ: SPCX) stock more than 8% higher in overnight trading, Wall Street analysts were also revising their equity price targets in the wake of the firm’s latest earnings report.
Within the almost universally bullish expert chorus, JPMorgan’s (NYSE: JPM) Doug Anmuth came out as the day’s biggest optimist.
Specifically, the analyst reiterated his previous ‘Buy’ rating but more than doubled his SPCX stock price target for the next 12 months from $240 to $500.
Indeed, Anmuth is no longer forecasting a 49.59% rally from $160.44 at press time and is instead estimating SpaceX shares will soar 211.64%.
Additionally, JPMorgan doubled its 2027 revenue prediction to $254 billion and compute capacity target to 10 GW, while also reflecting positively on the potential merger between SpaceX and Tesla (NASDAQ: TSLA).
Wall Street revises SPCX stock price target after blockbuster SpaceX earnings
Meanwhile, thirteen Wall Street analysts revisited SPCX on the morning of October 21, and as many as eleven gave the equity a positive rating.
Among the bulls, the second-biggest optimist was Anthony Valentini from Barclays, who replaced his previous $254 forecast with a new $300 target.
Simultaneously, Susquehanna analyst Charles Minervino proved rather conservative despite the ‘Buy’ rating, since he replaced his $173 estimate with a $176 prediction.
KeyBanc’s Michael Leshock and Piper Sandler’s Alexander Potter were the two outliers, as they both issued a ‘Hold’ recommendation for SpaceX stock, and the latter even predicted a 12.74% decline to $140 in the next 12 months.
SpaceX reveals double beat in Q3; Strong Starlink and AI growth
Lastly, the deluge of Wall Street rating revisions and the 8% overnight stock price upsurge were driven by SpaceX’s blockbuster third-quarter (Q3) earnings report, published after the evening bell on Tuesday, October 20.
According to the filing, the company saw its revenue rise significantly from $7.81 billion in Q2 and, coming in at $14.58 billion, beat the analyst forecast of $12.72 billion. The situation was much the same in terms of earnings per share (EPS), which amounted to $0.45.
Analysts were anticipating an EPS of $0.13, and SpaceX disclosed a $0.09 loss per share in Q2.
Starlink’s user growth to 13.6 million and the artificial intelligence (AI) sales rise to $7.56 billion were the standout figures, though, notably, roughly $6 billion of the AI-related figure is likely the result of data center rent agreements with Google (NASDAQ: GOOGL) and Anthropic, reported earlier this year.
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