Space Exploration Technologies Corp. (NASDAQ:SPCX) stock traded modestly lower Friday as investors pulled back from high-growth names amid a broader risk-off market. The Nasdaq Composite fell 0.48%, while the S&P 500 declined 0.06%. Analysts Point To Long-Term NarrativeD.A. Davidson analyst Gil Luria told CNBC on Friday that SpaceX is trading largely on future expectations, similar to other Elon Musk-led companies. He said investors are assigning value to long-term opportunities such as Mars exploration and space-based data centers.Vanda strategist Viraj Patel told CNBC that SpaceX has attracted strong retail interest because it combines a transformational technology story, an ambitious long-term vision, a high-profile founder and extensive media attention.Morningstar Wealth’s Mike Coop told CNBC that the “cult of Elon” continues to draw retail investors and contribute to elevated volatility.The stock has a Hold rating and an average price forecast of $158.33 (high $190.00, low $115.00) from seven analysts. Recent analyst moves include:
Argus Research: Initiated with Hold (June 26)
Susquehanna: Initiated with Neutral (Forecast $170.00) (June 23)
Keybanc: Initiated with Sector Weight (June 22)
