Bernstein reiterated its Buy rating on SpaceX’s (NASDAQ: SPCX) stock on September 28 and maintained its $248 price target, implying roughly 70% upside from the stock’s current price of $146.

The brokerage focused on the long-term growth potential of Starlink’s residential and small-business broadband operation, which analyst Douglas Harned described as a potentially large opportunity for the space company.

Specifically, he expects Starlink’s broadband subscriber base to double again this year after roughly doubling in each of the past four years. That is, the firm estimates that Starlink could reach about 168 million subscribers by 2031, supported by continued expansion into markets where traditional satellite…