Morgan Stanley analysts say the selloff in SpaceX shares has driven the stock near a level that would imply investors are assigning no value to its artificial intelligence business. Shares touched a low of $110.85 earlier this week, 18% below the IPO price, and many investors expect the stock to hit $100 when a lockup on the first batch of shares unlocks next month. Analyst Adam Jonas wrote that at $100, investors are pricing in zero or even negative value from the AI segment, while his $300 price target ascribes more than 50% of value to AI. Jonas reiterated a buy-equivalent rating, calling the current valuation an attractive entry point. The average analyst price target is about $232, with nearly 80% of analysts recommending buying the stock.
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