SpaceX (NASDAQ: SPCX) Price Target Raised After Strong Q3 Results
Key points
- Susquehanna raised its price target for SpaceX (NASDAQ: SPCX) to $176 from $173, while maintaining a Neutral rating.
- SpaceX reported third-quarter revenue of $14.58 billion, up 161%, and net income of $4.4 billion.
- Its Super Intelligence segment became the company’s largest business by revenue, generating $7.6 billion.
Susquehanna analyst Charles Minervino raised his price target for SpaceX (NASDAQ: SPCX) to $176 from $173. Based on the October 20 closing price of $147.79, the target represented potential upside of approximately 19.1%.
The company reported third-quarter revenue of $14.58 billion, up 161% year over year. Net income reached $4.4 billion, compared with a $1.1 billion loss a year earlier, marking its first quarterly profit since becoming publicly traded.
The Super Intelligence segment generated $7.6 billion in revenue and $431 million in operating income. Connectivity, which includes Starlink, remained the largest profit contributor, producing approximately $2.4 billion in operating income.
Management expects total revenue of $33 billion to $37 billion in the first quarter of 2027. SpaceX also reported a $63 billion backlog, including $17.5 billion in deferred revenue.
Shares jumped approximately 10% on October 21 as investors responded to the results and discussions about a possible combination with Tesla (NASDAQ: TSLA). No merger agreement has been reached, and independent committees are evaluating the possibility.
Read the rest, free
Pop in your email to read every article in full and search any company. It takes five seconds.
You'll get Gro's newsletter too. Leave any time in one click.
