Another Wall Street analyst is getting on board the SpaceX trade, just as the stock hits a weak moment.

Shares shed another 4% on Monday, hitting another all-time low and dipping below $140. The stock debuted at $150 in mid-June, and SpaceX’s $135 IPO price is now perilously close.

BofA securities senior analyst Ron Epstein is the latest bull on SpaceX, with the bank initiating coverage last week with a Buy rating and a $235 price target. That target sits well above Monday’s sub-$140 print and is derived from a long-term discounted cash flow model blending base, bull and bear cases out to 2045. 

While SpaceX’s “launch leadership” frames the SpaceX bull case, Epstein also leaned into one…