The SpaceX stock price target picture on Wall Street shifted fast this week, and it shifted for the better. Argus Research upgraded SPCX stock to a Buy from a Hold and put a $160 price target on it, and Morgan Stanley kept its own $300 SpaceX stock price target exactly where it was too. Shares jumped 15.8% on Friday to close at $133.11, and the wider SpaceX stock forecast from several firms is now pointing higher, largely as a result of a second quarter that beat expectations on both revenue and earnings.

Also Read: How to Buy SpaceX Stock as Wall Street Backs the Post-Earnings Dip

SpaceX Stock Price Target Gains Momentum As Wall Street Turns Bullish

Argus Upgrades SPCX Stock To Buy

According to a post from market commentator Walter Bloomberg on X, Argus Research moved SpaceX from Hold to Buy on August 7, and also set that $160 SpaceX stock price target as part of the same call. The move came right after SpaceX’s second quarter numbers landed, showing $7.8 billion in revenue, up 92% year over year, and a per share loss of just $0.09, both better than what analysts had penciled in. Argus analyst Steven Silver, in a note to clients, also addressed the elephant in the room, which is the $18.4 billion the company spent in the quarter, most of it going toward AI infrastructure.

Steven Silver, Argus Research analyst, wrote:

“…we are encouraged by the rapid payback on these investments…”

That reasoning is what shaped a more SpaceX stock bullish view out of Argus, and the firm now expects SpaceX revenue to reach $110 billion by 2027, with the $160 SpaceX stock price target itself built on roughly 20 times that number.

Morgan Stanley SpaceX Price Target Holds At $300

Morgan Stanley, for its part, left its Overweight rating and its $300 SpaceX stock price target untouched this week, and that decision alone gets a lot of the credit for the broader SpaceX stock bullish mood spreading across trading desks right now. The Morgan Stanley SpaceX price target is still one of the most aggressive numbers out there on Wall Street, even with SPCX having pulled back toward $110 just a few weeks ago, before this latest bounce. Some of the confidence behind this SpaceX stock forecast also came from inside the company itself. On Tuesday’s earnings call, SpaceX CFO Bret Johnsen touched on how fast the AI spending is expected to pay for itself:

“…getting less than a one-year payback…”

That timeline lines up closely with what Argus used to build its own SpaceX stock forecast, and it helps explain why the Argus call on SPCX stock landed as well as it did with investors.

SPCX Stock Jumps On Cooling Jobs Data And IPO Unlocks

SPCX stock is also getting a lift from things that have nothing to do with SpaceX directly. The July jobs report came in weak, with the US economy losing 23,000 jobs, and that softer number pushed September rate cut odds lower while lifting risk assets broadly, crypto included. At the same time, an IPO lock-up expiration made over 911 million SpaceX shares eligible to trade this week, and more than 4 billion additional shares will unlock by the end of the year. That’s a lot of new supply to absorb, and even with headwinds such as heavier capital spending and more shares hitting the market, the combination of the Argus upgrade and the softer jobs data has kept the mood SpaceX stock bullish heading into next week. It hasn’t moved the SpaceX stock price target that Argus or Morgan Stanley set either.

At the time of writing, there’s still a wide gap between Argus’s $160 call and the $300 Morgan Stanley SpaceX price target, and that gap says a lot about how split Wall Street still is on this stock, even after such a strong week. Where the next SpaceX stock price target update lands will probably come down to how the AI spending plays out, and also how smoothly the market absorbs the rest of these lock-up unlocks in the months ahead.