Ahead of what Bank of America predicts will be an earnings beat next week, its analysts have raised their Google price target to $210 from $200, thanks to stable Google Search ad spending growth. The FactSet consensus estimate is about $203; the stock is currently trading at about $185. The firm also raised its revenue and earnings-per-share expectations for Q2, to $81 billion and $2.21, respectively, up from $80 billion and $2.15.
SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.
SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.
Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."
The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.
Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.
