2 Reasons SpaceX Stock Is Rising Today

A SpaceX Falcon 9 rocket lifts off from Cape Canaveral. (AFP via Getty Images)

Key Points

• SpaceX stock rose 4% in premarket trading following a new Buy rating and a wireless spectrum purchase.
• Barclays analyst Anthony Valentini initiated coverage of SpaceX with a Buy rating and a $254 price target.
• SpaceX is purchasing low-band spectrum as part of its plan to offer wireless mobile service.

SpaceX stock ended the week with a bang, rising after a new rating and a new wireless spectrum purchase.

Shares of Elon Musk’s rocket and AI company rose 4% in premarket trading to $166.98, while S&P 500 and Dow Jones Industrial Average futures were up 0.4% and 0.1%, respectively.

The move followed Barclays analyst Anthony Valentini initiating coverage of SpaceX stock with a Buy rating and a $254 price target, according to ratings aggregators. Barclays didn’t immediately respond to a request for the full report.

Valentini is positive on SpaceX, calling the company the dominant launch services provider. He is also bullish on aerospace and defense, calling shares of Boeing , Rocket Lab, RTX, Kratos Defense & Security Solutions, and Palantir Technologies buys as well.

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Now, 76% of analysts covering SpaceX rate shares Buy, according to FactSet. The average Buy-rating ratio for S&P 500 stocks typically ranges from 55% to 60%. The average analyst price target for SpaceX stock is about $227.

The new Buy rating is nice, but it isn’t the primary reason for Friday’s early gain. Wireless spectrum is.

On Thursday evening, SpaceX announced it is purchasing low-band spectrum, which offers broad coverage and indoor penetration. It’s part of SpaceX’s plan to offer wireless mobile service, in addition to space-based broadband.

The move sent AT&T , Verizon Communications, and T-Mobile US shares down between 6% and 7% in premarket trading. Shares of wireless tower infrastructure companies American Tower and Crown Castle were up about 6% and 7%, respectively. SpaceX’s plans for wireless service include terrestrial infrastructure.

SpaceX’s Starlink broadband product ended the third quarter with about 12 million subscribers.

The early move left SpaceX stock up about 5% for the week. Shares are going for their second consecutive weekly gain. SpaceX stock has risen in five of the past six weeks.

Write to Al Root at allen.root@barrons.com.

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