Phillip Securities upgraded Space Exploration Technologies Corp. from Sell to Buy on Friday. The firm raised its price target to $250 from $75, more than tripling it.
The analyst cited higher revenue forecasts for 2026 and 2027, driven by the company’s Super Intelligence cloud services and increased demand for connectivity.
The upgrade followed a 9% stock decline on Thursday. Investors had raised concerns about the company’s high capital spending and a potential merger with Tesla.
SpaceX shares rose in pre-market trading on Friday after the rating change.