JPMorgan is sticking with its bullish call on SpaceX, maintaining a $240 price target that implies roughly 75% upside from where the stock currently trades. The bank's analyst, Doug Anmuth, carries an Overweight rating on the company. SpaceX shares rose 2% in pre-market trading Tuesday, a move tied to a brighter outlook after the company finished acquiring Cursor.
The $240 Target and What It Means
The $240 price target isn't new, but it still stands as a clear signal of JPMorgan's conviction. At current levels, that target suggests investors could see their shares appreciate by about three-quarters if the bank's projection plays out. Anmuth's Overweight rating reinforces that view, positioning SpaceX as a stock the firm expects to outperform.
The target comes at a time when SpaceX's valuation is already a frequent talking point. But JPMorgan's math is straightforward: the gap between today's price and $240 is a 75% climb, and the bank is comfortable holding that line.
Cursor Deal Behind the Improved Outlook
Tuesday's pre-market gain followed a specific development. SpaceX finished its acquisition of Cursor, and the company's outlook has improved since that deal closed. JPMorgan's confidence appears to be tied to that completion, though the bank hasn't detailed how the acquisition changes the financial picture.
Cursor's role inside SpaceX is still not fully public, but the timing lines up. The stock's upward move in early trading suggests the market sees the deal as a net positive, and JPMorgan's unchanged bullish stance now comes with the acquisition officially done.
Pre-Market Reaction and What Traders Are Watching
The 2% pre-market gain is modest, but it shows buyers are stepping in ahead of the regular session. That move follows a period when the stock's trajectory has been tied to both launch milestones and, more recently, corporate moves like the Cursor deal.
It's a reminder that SpaceX's valuation is a live discussion on Wall Street, and JPMorgan's $240 target is one of the more specific numbers out there. With an Overweight rating and a clear upside projection, the bank isn't wavering.
For now, the question is whether the pre-market pop holds once regular trading begins. The $240 target stands until JPMorgan says otherwise, and the Cursor acquisition is now behind the company.
