Analysts Lift SpaceX Stock Targets

Wall Street firms moved quickly to raise their outlook on SpaceX after the company posted a strong third-quarter report on October 20. The stock climbed higher in after-hours and premarket trading on October 21. Several major firms issued higher price targets within hours of the earnings call.

Revenue for the quarter reached $14.6 billion, which was a 161 percent jump from the prior year. This figure beat analyst expectations of about $12.7 billion. The company also reported a net profit of $4.4 billion, reversing a loss from a year earlier. Adjusted EBITDA came in at $8.8 billion.

The earnings call drove much of the activity. CEO Elon Musk and CFO Bret Johnsen outlined revenue guidance for the first quarter of 2027 in the range of $33 billion to $37 billion. That forecast is well above the roughly $22 billion that analysts had modeled for that period. The company also plans to spend between $35 billion and $40 billion on capital expenditures in the fourth quarter. These funds will support AI compute infrastructure projects at sites in Memphis and Southaven.

The company's Super Intelligence division generated about $7.6 billion, making it the largest source of revenue. This unit saw growth of nearly 830 percent year-over-year. The Connectivity segment brought in $5.2 billion. Starlink added subscribers to reach a consumer base of 13.6 million. Management discussed plans to reach 2.5 to 3 gigawatts of nameplate compute capacity by year-end. They also outlined a path to 13 gigawatts or more by the end of 2027. The call also touched on Starship's recent orbital success, V3 satellite deployment, and special committees formed to explore a possible combination with Tesla.

Analysts responded with higher targets. JPMorgan doubled its target to $500 from $240. Cantor Fitzgerald raised its target to $345 from $246. Barclays moved to $300 from $254. Citi increased to $240 from $200. UBS lifted to $230 from $210. TD Cowen raised to $224 from $200. Morgan Stanley held a $300 target. Wells Fargo raised to $274 from $214. Clear Street moved to $248 from $217. These firms cited the strong quarter, AI compute expansion, Starlink progress, and Starship milestones as reasons for the changes.

Shares closed at $147.79 on October 20. The stock rose roughly 8 percent in early premarket trading on October 21. The average analyst price target has moved higher. This reflects more confidence in the company's path across launch, connectivity, and AI. Spending levels remain a point of focus.