Argus Research Upgrades SpaceX to Buy, Sets $160 Price Target

Argus Research upgraded SpaceX to Buy from Hold, citing second-quarter results that topped market expectations.

BlockBeats and other outlets reported on Aug. 7 that Argus made the change that day.

SpaceX disclosed on Aug. 4 that second-quarter revenue jumped 92% from a year earlier to $7.8 billion. That exceeded the $6.93 billion analyst estimate compiled by LSEG.

Argus said SpaceX’s annualized revenue could approach $100 billion by the end of this year. The firm added that the company’s launch business, Starlink satellite network and combination with artificial intelligence infrastructure should support long-term growth.

Argus set a price target of $160. SpaceX shares closed at $114.92 on Aug. 6, up 6.14% from the previous session.