TD Cowen reiterates Buy on SpaceX stock, cites spectrum buy

TD Cowen maintained its Buy rating and $200.00 price target on SpaceX (NASDAQ:SPCX) stock, highlighting the company's recent spectrum acquisition. The stock priced at $162.72, trading below its 52-week high of $225.64, but analysts suggest it may be overvalued relative to Fair Value estimates. SpaceX secured up to 14 megahertz of paired 800 MHz spectrum licenses nationwide from Grain Management, expanding its terrestrial wireless capabilities.

The acquired spectrum will aid SpaceX's mission to integrate satellite and ground-based wireless assets and potentially become a major mobile carrier, enhancing network performance, coverage, and reliability. The transaction awaits regulatory approvals, with financials undisclosed. Investment research indicates SpaceX is projected to become profitable this year after consecutive years of losses. After-hours trading witnessed a 1.4% increase in SpaceX shares.