The biggest Wall Street banks promoted SpaceX shares at $135 per share during the company's record initial public offering.
Just a few weeks later, brokerage analysts at many of those same banks are telling their clients the shares should be worth an average of $236 each.
More than 12 brokerages, including Morgan Stanley, JPMorgan Chase & Co. and Goldman Sachs Group, began coverage of the stock on Tuesday with buy-equivalent recommendations, according to data compiled by Bloomberg.
The new ratings came after the traditional analyst quiet period ended for banks that helped underwrite the IPO.
Joe Gilbert, portfolio manager at Integrity Asset Management, said the initiation of SpaceX coverage came "largely as expected, with a bullish bias on Wall Street."
He added that the stock "represents a long-term option on Musk's vision, so investors should be cautious about expecting big returns early on, as early private-stage investors may have already captured those returns."
Analysts are focused on SpaceX's long-term growth prospects, even as questions persist about its profitability, execution, and valuation following its massive market debut.
Raymond James is the most optimistic of the group, initiating coverage with a strong buy recommendation and the highest price target on Wall Street at $800 — an increase of nearly 500% over the IPO price.