Space Exploration Technologies (NASDAQ:SPCX) stock is up 30% since August, but most Wall Street analysts still think it’s undervalued. The median target price of $212 per share implies 48% upside from the current share price of $143. But investors have reason to be skeptical.

SpaceX recently completed the largest initial public offering (IPO) on record, and stocks that go public at large market values tend to perform poorly during the first year. That is especially plausible for SpaceX because it trades at an absurd valuation that makes it more expensive than every stock in the S&P 500.

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