Wedbush Initiates SpaceX Coverage with Buy, $190 Target

Wedbush analyst Dan Ives initiated coverage of SpaceX (SPACE) with a Buy rating and a $190 price target, according to a report by Barrons. Ives values the company at approximately $2.5 trillion, making it one of the most valuable private companies globally.

Rating Change

Prior to this coverage, SpaceX had no major analyst ratings. This is the first coverage from Wedbush, coming after the company's IPO, which saw significant share price volatility.

Analyst Rationale

Ives views SpaceX not just as a rocket company but as a player in AI and satellite communications (Starlink), giving it unique competitive advantages. He believes the $2.5 trillion valuation reflects these future growth prospects.

Context

SpaceX shares have been volatile since its IPO, with investors awaiting analyst opinions to gauge fair value. No other major analysts have issued coverage yet, but Wedbush's bullish call may attract more.

Conclusion

Wedbush's Buy rating offers an optimistic view of SpaceX, but investors should consider current volatility and the high valuation. Monitoring additional analyst coverage is advisable before making investment decisions.