Oppenheimer Holdings Inc. launched coverage of SpaceX, predicting a 40% upside for the company ahead of its IPO.

The SPCX perpetual still trades above SpaceX’s $135 offer price, but it has fallen sharply from its May highs as traders mark down the first-day premium.

SpaceX (SPCX) is drawing attention on Wall Street ahead of its long‑awaited IPO on June 12. New Street analyst Pierre Ferragu has started covera...