SpaceX Stock Is Down 33% From Its High. Here's Why Morgan Stanley Thinks There's 106% Upside From Here.
SpaceX's valuation now hovers just below $2 trillion.
Overview
In June, SpaceX (NASDAQ: SPCX) successfully completed its blockbuster IPO, raising more than $85 billion. In the days that followed, SpaceX's market cap soared from an initial IPO valuation of $1.77 trillion to nearly $2.8 trillion. Shares corrected hard after the surge, however, and SpaceX's valuation now hovers just below $2 trillion -- a 36% decline versus the company's all-time high.
Morgan Stanley (NYSE: MS) analysts remain unfazed regarding the space stock's long-term growth potential. On Sept. 15, the bank reiterated its "buy" rating on shares, affirming its $300 price target. That price target implies more than 100% in near-term upside over the next 12 months.
Details
Why does Morgan Stanley remain so bullish? The answer might surprise you.
Source
Originally published at www.fool.com.