When it comes to analyst price targets for Space Exploration Technologies (SPCX -6.70%), you’re going to find a wide range. At the high end of the spectrum is Raymond James, which placed a whopping $800 target on the stock. Morningstar, meanwhile, has said the fair value for the stock is closer to $62.

In my opinion, the stock is much more likely to trade closer to Morningstar’s fair valuation by year-end. This is largely based on the early valuation Elon Musk’s other company, Tesla, traded at in the early years after its IPO.

Image source: The Motley Fool.

Selling pressure likely to mount

After a hot start, SpaceX’s stock has been in free fall, trading below its $135 IPO price. This is before any of the numerous lock-up expirations…