Morgan Stanley downgraded the company to underweight and urged clients to wait for a better entry point to buy the stock.
SpaceX founder Elon Musk looks on at a post-launch news conference after the SpaceX Falcon 9 rocket, carrying the Crew Dragon spacecraft, lifted off on an uncrewed test flight to the International Space Station from the Kennedy Space Center in Cape Canaveral, Florida, March 2, 2019.on Thursday and said it thinks investors will be presented with a better chance to buy the stock in the future at a lower price.
The firm downgraded the stock to underweight from equal weight. At the same time, it raised its price target to $360 from $250 to account for the rally in the stock. The shares have doubled in the last six months and closed Wednesday at $518.50. The shares fell nearly 3% in premarket trading Thursday following the Morgan Stanley call, the third downgrade since the start of the year, according to
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