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BofA said the spending could benefit telecom equipment suppliers Nokia and Ericsson.
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Bernstein raised its SpaceX price target to $268 from $248 and maintained an 'Outperform' rating.
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Bernstein now forecasts $424 billion in revenue for 2028.
SpaceX (SPCX) drew fresh Wall Street attention on Tuesday as Bank of America added the end-to-end space and AI company to its list of top investment ideas, while its latest Falcon 9 rocket launch expanded the Starlink satellite network.
BofA added SpaceX and Fox Corp. (FOXA) to its 'US 1 List,' which features the firm's best investment ideas, while removing RenaissanceRe (RNR), according to The Fly.
At the time of writing, SPCX shares were up 1% in pre-market trading.
Falcon 9 Launches Continue As Starship Takes Shape
On Tuesday, SpaceX launched 27 Starlink satellites from California aboard a Falcon 9 rocket. The launch comes as SpaceX gradually winds down Falcon launches to focus on the much bigger Starship. The company has already ended Falcon 9 Starlink launches from Florida, although launches continue from California.
Starship's last journey took place last month when Flight 14 reached orbit and deployed 26 next-generation Starlink satellites. With Flight 14 facing propulsion issues, the upcoming Flight 15 is expected to attempt to catch both the booster and the spacecraft, a major step toward full reusability.
BofA Sees $6B Opportunity In Starlink Expansion
Separately, BofA highlighted SpaceX's reported plans to secure access to more than 80,000 U.S. cell sites as it looks to expand beyond satellite internet and build a nationwide mobile network.
The brokerage estimates SpaceX could spend about $75,000 per site on radio access network (RAN) equipment, bringing total spending to around $6 billion.
BofA believes this could benefit telecom equipment suppliers Nokia (NOK) and Ericsson (ERIC).
Bernstein Highlights Importance Of Starship Reusability
Late Monday, Bernstein raised its SpaceX price target to $268 from $248 and maintained an 'Outperform' rating. The firm expects stronger growth from SpaceX's AI computing business and enterprise connectivity services.
Bernstein raised its revenue forecast to $424 billion in 2028 and believes reusable Starship rockets will be critical to SpaceX's longer-term plans to put data centers in orbit.
Retail's Take On SPCX
Retail sentiment surrounding SPCX on Stocktwits turned 'bullish' from 'extremely bullish' a day earlier, amid 'high' message volumes.
The stock has gained about 9% over its IPO price of $135.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Arnab Paul has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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