RESOLVING THE LEDGER
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SpaceX (NASDAQ: SPCX) got a new review from a major bank on Friday, and it wasn't the vote of confidence shareholders were hoping for. HSBC initiated coverage of the rocket and satellite company with a Hold rating and a $115 price target. That number sits below the $135 price at which SpaceX went public in June.
The market wasted no time making its own statement. Shares fell as much as 6% on Friday, dipping below the new target shortly after its publication, before closing at $115.07 -- seven cents above it.
That makes SpaceX the rare stock that trades simultaneously below its IPO price , right at a major bank's days-old price target, and roughly 50% below the high of $225.64 it reached shortly after its debut.
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