JPMorgan more than doubles SpaceX price target... “It’s going to $500”

[Financial News]  

JPMorgan more than doubled its price target for Elon Musk’s SpaceX. SpaceX shares surged more than 10% intraday on the 21st (local time), buoyed by better-than-expected results.
According to Yahoo Finance, JPMorgan analyst Doug Anmuth sharply raised his price target for SpaceX from $240 to $500 in an analysis note published after the previous day’s earnings announcement.
Anmuth said SpaceX’s market opportunity exceeds $28 trillion, explaining his rationale: “No company is positioned to stand out in a market this vast.”
SpaceX has a vertically integrated system that extends beyond rocket launches to include satellite communications, semiconductor development, data centers and its artificial intelligence (AI) system, Grok. Anmuth noted that SpaceX, which is expanding from rockets into areas such as communications, semiconductors and AI, essentially encompasses almost everything. He also expects these segments to grow soon into areas that surpass rockets. He forecasts that SpaceX’s total market size will approach 25% of U.S. gross domestic product (GDP).
If it also brings in Tesla, armed with electric vehicles and humanoid robots, the combined company could emerge as a manufacturer of nearly all major products.
At a SpaceX earnings call after the market closed on the 20th, Musk said, “I’ll get annual recurring revenue to somewhere between $500 billion and $1 trillion by the end of next year.” SpaceX’s third-quarter revenue surged 161% year over year to $14.6 billion.

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