SpaceX’s Ambitious Starship Expansion Plans See Raymond James Reiterate $800 Price Target

Raymond James cited its bullish take on an FAA filing that outlined SpaceX’s proposal to increase annual Starship launches from its Boca Chica, Texas, facility

• Raymond James reiterated a ‘Strong Buy’ rating on SpaceX.
• FAA filing shows proposal for environmental review for 456 Starship launches and 912 landings annually from Texas.
• Morgan Stanley said SpaceX’s efforts in advancing ‘Super Intelligence Economy’ and the ‘Physical Intelligence Economy’ are instrumental.

SpaceX (SPCX) remained on investors’ radar on Wednesday, as Wall Street bet on its ambitious Starship launch plans and potential AI opportunity.

SPCX shares were down about 2.5% at the time of writing, tracking the broader space technology and infrastructure market.

Raymond James Sees 420% Upside Potential

On Wednesday, Raymond James reiterated its ‘Strong Buy’ rating and $800 price target, citing SpaceX’s ambitious plans to expand Starship launches and accelerate satellite deployment, according to Investing.com.

The firm’s $800 target is the highest among analysts covering the stock, as per Fiscal.ai data. It also represents a massive 420% upside from current levels.

Raymond James pointed to a Federal Aviation Administration (FAA) filing on Tuesday, outlining SpaceX’s proposal to increase annual Starship launches from its Boca Chica, Texas, facility.

While the company is currently authorized to conduct 25 launches and 50 landings annually, the proposed expansion would eventually result in 456 launches and 912 landings. A time frame was not given.

The expansion could potentially occur in two phases, beginning with 100 launches and 200 landings per year. That would average nearly nine launches per week.

SpaceX is also expanding in Florida, where regulatory plans cover up to 44 annual Starship launches at Kennedy Space Center and 76 at Cape Canaveral. Raymond James said 456 flights would enable deployment of roughly 27,400 satellites per year.

Morgan Stanley Reiterates $300 Target

Meanwhile, Morgan Stanley also maintained its ‘Overweight’ rating and $300 price target on the stock. The firm sees SpaceX’s efforts to advance the “Super Intelligence Economy” and the “Physical Intelligence Economy” as instrumental.

It believes investors are overlooking SpaceX’s biggest growth opportunity – its Distributed Inference Cloud, which could let AI-powered robots and devices share computing power and information. The brokerage expects it to become an increasingly important investment theme.

Retail Remains Bearish On SPCX

Despite the price targets, retail sentiment surrounding SPCX on Stocktwits remained ‘bearish’ over the past 24 hours, amid ‘high’ message volumes.

SPCX shares have gained about 14% over its IPO price.

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