Citi Lifts SpaceX Price Target by 20%, Raises Next-Year EPS Estimate to $3.25

Deep News10-21 17:00

Citi issued a research report noting that SpaceX (SPCX.US) delivered a standout third-quarter performance, with its three main business segments beating expectations across key metrics including revenue, gross profit, and adjusted EBITDA.

As a result, Citi raised its price target on SpaceX by 20%, from $200 to $240, and reiterated its "Buy" rating.

The report said SpaceX management expects first-quarter revenue next year to reach $33 billion to $37 billion, more than $10 billion above the market's original forecast of $23 billion, demonstrating extremely strong business expansion momentum.

Based on this robust guidance, Citi sharply raised its earnings-per-share forecast for the company next year from $2.14 to $3.25.

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