Evercore ISI starts SpaceX coverage with outperform, sets $230 target

According to CNBC, Evercore ISI initiated coverage of SpaceX with an outperform rating and a $230 price target, implying 65% upside from Monday’s close. Analyst Kutgun Maral said the stock’s upside potential remains attractive despite a nearly 7% drop over the past five days and a decline of more than 38% from its peak of $225.64, citing valuation concerns and ambitious plans. Maral said execution on projects including rolling out the Starship heavy-lift launch vehicle by the end of this year, scaling Starlink broadband, and advancing Grok in the artificial intelligence market could support the company’s growth outlook. LSEG data shows 26 of 31 analysts covering SpaceX rate the stock buy or strong buy.