SPCX - PIPER SANDLER CUTS SPACEX PRICE TARGET Piper Sandler lowered its SpaceX (NASDAQ: SPCX) price target to $140 from $156, while maintaining a Neutral rating. Despite strong first earnings that beat expectations, the firm sees valuation headwinds. Concerns include a 140% increase in tradable shares, higher-than-expected FY27 capex (~$65B), and uncertainty around the durability of AI cloud contracts. While raising earnings estimates, Piper believes these risks could weigh on the stock until the lock-up expires in summer 2027.(*Walter Bloomberg)