SpaceX shares close at $148 after joining Nasdaq 100; Morgan Stanley starts coverage with $300 target

According to CNBC, SpaceX shares closed at $148 on Wednesday, below the stock’s first trading price of $150 per share for a second straight day. The company was added to the Nasdaq 100 on Tuesday, less than a month after its June 12 market debut, prompting index funds and ETFs tracking the benchmark to buy shares. CNBC reported SpaceX’s IPO raised $85.7 billion after underwriters exercised the greenshoe overallotment, with 555.6 million shares initially offered at $135 each; the stock later hit a closing high of $201.80 on June 16. After the index inclusion, Morgan Stanley initiated coverage with an overweight rating and a $300 price target, while Bernstein set an outperform rating with a $239 target, RBC set an outperform rating with a $225 target, and UBS set a buy rating with a 12-month target of $210; MoffettNathanson started with a neutral rating and CFRA recommended selling.