Investment firm Piper Sandler cut its price target for SpaceX (NASDAQ: SPCX) to $140 from $156, while reiterating a Neutral rating. Despite strong first earnings that surpassed expectations, the firm cited valuation headwinds. Key concerns include a 140% increase in tradable shares, higher-than-expected FY27 capital expenditure of approximately $65 billion, and uncertainty regarding the longevity of AI cloud contracts. Piper Sandler noted these risks could weigh on the stock until the lock-up period expires in summer 2027.