Morgan Stanley analyst Adam Jonas reiterated a Buy rating on SpaceX (SPCX) stock with a price target of $300 in reaction to the aerospace giant’s announcement to build a new Starship launch site worth $100 billion on Louisiana’s southern coast. The company said that this facility will support thousands of launches per year. “In our view, SPCX is attractively valued, trading at 10x sales (70% growth) and 25x EBIT (113% growth) on our FY28 forecasts,” said the 4-star analyst.
Jonas believes that investors are underappreciating the scale of SpaceX’s plans for Starship.
Morgan Stanley Is Bullish on SpaceX’s Prospects
Jonas noted that SpaceX plans to build a total of 15 launch pads, well above the company’s existing three launch facilities. He added the company plans to have three new launch pads fully operational by the end of next year.
The analyst conservatively projects that each pad can support only two launches per day, implying that his 2040 estimate of about 5,800 Starship launches per year indicates the need for just eight pads. “Point is, we do not need a fully operational Starbase, LA to get to even our 2040 forecasts (where SpaceX has $3.5tr in revenue),” highlighted Jonas.
