SpaceX Stock Drops Sharply, Bounces Back After Analyst Upgrade
Shares of Space Exploration Technologies (NASDAQ: SPCX) dropped nearly 6% in early trading on July 28, 2026, falling to $107 per share. This marked a significant decline from its IPO price of $150 and raised concerns about the company's valuation. However, by midday, investors began buying again, pushing shares up 1.3% compared to the previous day’s close. The turnaround was attributed to an upgrade from analyst Douglas Harned at Bernstein SocGen, who reiterated his 'outperform' rating on SpaceX and set a price target of $239 per share—more than double its morning low. He cited recent progress in SpaceX's Starship program as key evidence that the company is advancing toward major milestones, including lunar missions for NASA. Harned also highlighted Elon Musk’s vision to deploy AI data centers into orbit, which could unlock a $28.5 trillion total addressable market according to Musk. While The Motley Fool analysts did not include SpaceX in their latest top stock picks, the company's recent volatility and analyst commentary suggest it remains under active investor scrutiny.
Topics: analyst rating Elon Musk SpaceX Starship test flight