As Space Exploration Technologies Corp. (NASDAQ: SPCX) stock surged over 18% this week, defying the fears from the 911.5 million share-unlock, Doug Anmuth, an analyst at JPMorgan Chase & Co. (NYSE: JPM), raised his 12-month target for SpaceX.

Anmuth reiterated a ‘Buy’ rating for SpaceX stock, according to a note to clients analyzed by Finbold on August 7. He further raised the bank’s 12-month price target for SPCX shares to $240 from $225, representing a rise of 6.7%.

With SpaceX shares trading at $128.50 on Friday, the analyst suggests a possible 86.8% upside. The ‘Overweight’ rating for SPCX follows its debut second quarter earnings report, which beat Wall Street analysts’ expectations. 

Anmuth argued that…