Bernstein analysts raised the share price of Elon Musk's SpaceX to $248.

SpaceX SPCX shares rose nearly 3% in premarket trading on Thursday after Bernstein analysts raised their price target.

On August 6, Bernstein SocGen Group analysts maintained their "buy" rating despite growing concerns about rising AI spending. As a result, the price target for SPCX shares was increased from $239 to $248.

Data from Bernstein SocGen Group

This came just days after Bernstein began covering Elon Musk's SpaceX with an "outperform" rating and a $239 price target. The firm singled out the Starship program as the most important factor influencing the company's valuation.

The latest increase in SPCX's target price came after SpaceX's first quarter results beat Wall Street forecasts. Specifically, revenue increased 92% to $7,81 billion, while net loss narrowed to $541 million.

Meanwhile, some investment banks and institutional brokerage firms, such as Piper Sandler, have lowered their price target for SpaceX shares. Piper Sandler lowered its price target from $156 to $140, citing challenges that could limit growth potential, despite Elon Musk's forecast of $1 trillion in revenue by 2030.

Despite reporting strong revenue and profit figures that beat Wall Street forecasts, SPCX shares fell 13,61% to $108,27 on Wednesday. The decline was caused by a massive $18,4 billion jump in capital expenditures related to artificial intelligence infrastructure, which alarmed investors.

On August 6, SPCX shares rose 3,69% to $112,27, above their 52-week low of $104,83. Additionally, more than 911 million SPCX shares, worth approximately $98 billion, are becoming available for trading due to the expiration of the SpaceX IPO lockup. This represents approximately one-fifth of all shares previously locked up.

Yahoo Finance data

Meanwhile, Cathie Wood's ARK Invest acquired $19,69 million worth of Elon Musk's SpaceX shares through its ETFs.