Wedbush Initiates SpaceX Coverage With Outperform Rating, $190 Price Target Amid AI Push

Wedbush recently initiated coverage of SpaceX with an 'Outperform' rating and a $190 price target, implying approximately 16% upside from the stock's last closing price. According to Dan Ives, Wedbush's Global Head of Tech Research, SpaceX is 'much more of an AI play' than a traditional space company and is well positioned to become a major hyperscaler. SPCX stock gained 4.06% on Tuesday and added 0.85% in after-hours trading. Ives noted that while SpaceX appears expensive based on current revenue, strong execution over the next two to three years could make it 'one of the best AI plays in the market.'
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