SpaceX joins Nasdaq 100 as Wall Street makes bullish calls

SpaceX has joined the Nasdaq 100 Index, with at least six brokerages including Morgan Stanley and Goldman Sachs initiating coverage with buy-equivalent ratings following the end of the quiet period after its $86 billion IPO. Morgan Stanley set a price target of $300, implying about 87% upside from Monday's close of $160.42, while Arete Research has a street high of $401. Index inclusion is estimated to drive at least $5.4 billion in buying from passive funds, though shares were down about 1.8% in premarket trading on Tuesday and remain roughly 29% below their all-time intraday high amid concerns over valuation.