This multi-trillion stock is "cheap and getting cheaper": Morgan Stanley

Investing.com -- SpaceX (NASDAQ:SPCX) looks "cheap and getting cheaper" once its growth is taken into account, Morgan Stanley analyst Adam Jonas argues, reiterating an Overweight rating and a $300 price target on the stock. Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now » Jonas said the shares look expensive on headline metrics, at about 30 times 2028 estimated EV/EBIT versus roughly 16 times for other mega-cap AI enablers. Adjusted for growth, though, SpaceX trades at about 0.3 times 2028 EV/EBIT/Growth, roughly 40% below the 0.5 times mega-cap median. Even at the $300 target, it would trade at about 0.