DZ Bank initiated coverage of SpaceX with a 'Sell' rating and a $100 price target, implying a 25% drop from its $134 close. Analyst Markus Leistner warned of "crash risk in the valuation orbit," citing high capital expenditures, a pending $60 billion acquisition, and a $541 million net loss. The bank also highlighted potential supply pressure from post-IPO lockup expiration.