The writer is a former global head of equity capital markets at Bank of America and is now a managing director at Seda Experts
The banks that underwrote SpaceX’s blockbuster flotation last month have finally published their research on Elon Musk’s company after the expiry of the regulatory “quiet period” on advisers to the deal.
Every one recommends buying the stock. Goldman Sachs, which took the prime lead-left slot on the list of advisers in documents for the initial public offering, put a $205 price target on the shares. Morgan Stanley went to $300. Raymond James was even more hopeful, putting out an $800 price target, implying a valuation of more than $10tn.
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