Why SpaceX Stock Popped on Monday
Key Points
Stifel analyst Jonathan Siegmann reiterated his buy rating and $190 price target on SpaceX this morning.
Data center concerns are less... concerning for a company that wants to put data centers in space.
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Space Exploration Technologies (NASDAQ:SPCX) stock gained 5.6% through 12:15 p.m. ET Monday, continuing a rebound in share price that began Friday. A new note out of investment bank Stifel may be helping with that.
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Stifel still loves SpaceX
Stifel analyst Jonathan Siegmann reiterated his buy rating and $190 price target on SpaceX this morning, as StreetInsider.com reports. Explaining why SpaceX sold off last week, before starting to recover Friday (and continuing to recover today), Siegmann reminds: "Democrats' midterm sweep puts state-level permitting back in focus for the data center buildout, and a volatile week for AI-levered stocks shows the market recalibrating that risk."
But just as I pointed out last week, any new restrictions on building AI data centers on Earth will impact SpaceX less than others -- because SpaceX's long-term goal is to shift AI data centers into orbit, where the worries over data center use of water and electricity on Earth fade away.
What's next for SpaceX stock
In his note today, Siegmann agrees that any "terrestrial moratorium strengthens the case for compute in orbit." He furthermore recommends that investors buy SpaceX stock ahead of a potentially successful Starship Flight 15, scheduled for this Friday.
Why? A successful flight and dual tower-capture of both the Super Heavy booster and the Starship spacecraft would accelerate SpaceX's path to deploying satellite data centers, while even a result less than 100% successful would generate data that advance SpaceX toward its ultimate goal.
Add in the potential for SpaceX to build its own cellphone network and generate even more profit from its Starlink Connectivity business (Siegmann says this project is looking "more credible"), and a 35% move for SpaceX stock, from $140 to $190 over the next year, doesn't look out of the question.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Space Exploration Technologies. The Motley Fool has a disclosure policy.
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