Wedbush Initiates SpaceX Coverage With 'Outperform' Rating, $190 Price Target

Wedbush initiated coverage on SpaceX with an "outperform" rating and set a $190 price target, marking a rare Wall Street call on the closely held space company. The stock dropped 4.5% on Wednesday morning following the announcement.

The price target represents Wedbush's valuation of SpaceX shares, which trade on secondary markets rather than public exchanges. The firm's bullish stance comes as SpaceX continues to dominate the commercial launch market and expand its Starlink satellite internet business.

The Wednesday morning sell-off suggests some investors opted to lock in gains despite the positive analyst endorsement, a pattern sometimes seen when coverage initiations confirm already-elevated valuations in the private market.