Luego de los resultados del 3Q26 presentados ayer por $SPCX, J.P. Morgan reitera OW en la acción y eleva su PT a $ 500. We increase our December 2027 price target from $240 to $500, based on 20x our 2028E GAAP EPS of $24.41, reflecting our higher estimates and a lower multiple. We apply an in-line multiple to mega-cap peers (Mag7 + PLTR) because we see greater execution risk around SPCX’s magnitude of P&L ramp across 2027–2028 vs. the broader group’s earnings trajectories. Importantly, we believe SPCX’s multiple could rerate higher as it continues to show progress toward its targets & de-risks the out-year model.
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