Wells Fargo, Citi and UBS Raise SpaceX Stock Price Targets

Wells Fargo, Citi and UBS raised their price targets for SpaceX (SPCX) shares after the newly public company reported 161% revenue growth from a year earlier and a return to quarterly profit.

Wells Fargo lifted its target to $274 from $214, a $60 increase and the largest change among the three banks. Citi raised its target to $240 from $200, while UBS moved its target to $230 from $210. Wells Fargo’s revised target is the highest of the three.

SpaceX released its third-quarter results after U.S. markets closed Oct. 20. The company posted a quarterly net profit after recording a loss in the preceding quarter.

The results were SpaceX’s second quarterly earnings report since its public listing in June. Its first report as a listed company covered the second quarter and was released in August.