SpaceX Rises as Morgan Stanley Reiterates Overweight Rating and $300 Target

SpaceX shares rose about 4% after Morgan Stanley reiterated an Overweight rating and a $300 price target, representing an 88.7% upside potential from the previous close. Analyst Adam Jonas stated that SpaceX shares appear unusually cheap ahead of the Starship Flight 15 launch, scheduled for late October or early November. The brokerage noted that SpaceX trades at approximately 30 times estimated 2028 EV/EBIT but just 0.3 times EV/EBIT/growth, a 40% discount to mega-cap AI peer medians. Jonas highlighted that current market pricing attributes roughly $32 per share to SpaceX's AI business.