SpaceX (NASDAQ: SPCX) Price Target Raised After Strong Q3 Results

• Susquehanna raised its price target for SpaceX (NASDAQ: SPCX) to $176 from $173, while maintaining a Neutral rating.
• SpaceX reported third-quarter revenue of $14.58 billion, up 161%, and net income of $4.4 billion.
• Its Super Intelligence segment became the company's largest business by revenue, generating $7.6 billion.

Susquehanna analyst Charles Minervino raised his price target for SpaceX (NASDAQ: SPCX) to $176 from $173. Based on the October 20 closing price of $147.79, the target represented potential upside of approximately 19.1%.

The company reported third-quarter revenue of $14.58 billion, up 161% year over year. Net income reached $4.4 billion, compared with a $1.1 billion loss a year earlier, marking its first quarterly profit since becoming publicly traded.

The Super Intelligence segment generated $7.6 billion in revenue and $431 million in operating income. Connectivity, which includes Starlink, remained the largest profit contributor, producing approximately $2.4 billion in operating income.

Management expects total revenue of $33 billion to $37 billion in the first quarter of 2027. SpaceX also reported a $63 billion backlog, including $17.5 billion in deferred revenue.

Shares jumped approximately 10% on October 21 as investors responded to the results and discussions about a possible combination with Tesla (NASDAQ: TSLA). No merger agreement has been reached, and independent committees are evaluating the possibility.