The brokerage said launch services, Starlink and AI-related applications could drive growth through 2030, but warned the stock remains under pressure as the valuation relies on aggressive growth assumptions.
Susquehanna initiated coverage of SpaceX (SPCX) with a Neutral rating and a $170 price target, arguing the company has meaningful growth opportunities through 2030 across launch services, Starlink and AI-related applications while cautioning that the valuation depends on aggressive growth assumptions. The brokerage said the stock has remained under pressure following the initiation, underscoring investor sensitivity to execution risks and a price that it views as demanding. Key risks flagged in the note include potential Starship development delays, rising competition for Starlink and uncertainty over AI-related revenue.