$SPCX - MORGAN STANLEY: SPACEX “CHEAP AND GETTING CHEAPER”

Morgan Stanley reiterates Overweight on SpaceX with a $300 price target, arguing the stock looks cheap once its growth profile is considered.

Analyst Adam Jonas says SpaceX trades roughly 40% below mega-cap AI peers on a growth-adjusted basis.

Potential catalysts include upcoming Starship flights, Q3 earnings, Grok releases and additional neocloud deals, with a successful Starship catch potentially the biggest catalyst since the IPO.
(@WalterBloomberg)