Bernstein doubled down on its SpaceX’s (NASDAQ: SPCX) outlook on October 19, confirming both the “Buy” rating and the $248 SpaceX stock price target.

The price target, which represents a 70% upside potential from the last closing price of $146, was first set in late September, when analyst Douglas S. Harned argued Starlink’s residential broadband business would generate approximately $64 billion in revenues in 2031. 

Moreover, the affirmation comes just one day ahead of the space company’s next earnings report, scheduled for tomorrow, October 20, which investors hope can answer the question of whether SpaceX’s expanding AI efforts can justify substantial capital investments.