Morgan Stanley Says SpaceX Is Worth $300 Per Share. The Stock Trades Near $140. Here's Who I Think Is Right.
SpaceX's acquisition of Cursor could mean big things for Elon Musk's company.
Overview
It's not surprising that Space Exploration Technologies (NASDAQ: SPCX) hasn't blasted off since its initial public offering on June 12. IPO stocks are notoriously wobbly as they come out of the gate, as the novelty wears off, and reality sets in.
SpaceX stock had an IPO price of $135, opened at $150, and rose to $225 in its first few days as investors lined up to buy a piece of Elon Musk's newest venture. But shares are back in the $150 range, having fallen nearly 35% at the two-month mark of trading.
Details
But the space-and-AI company has a world of potential, according to Morgan Stanley analysts. The investment bank has a $300 price target on SpaceX stock, but says the company has potential for even greater gains.
Source
Originally published at www.fool.com.