Wall Street loves SpaceX stock. Some analysts love it more than others.

Morgan Stanley's Adam Jonas is one of the bigger bulls. He rates shares Buy and has a price target of $300. He wrote late Sunday that SpaceX stock keeps getting "cheaper and cheaper."

That's quite a statement. SpaceX stock trades for about 106 times estimated 2027 earnings. Strictly speaking, Jonas is right, though. SpaceX stock traded for roughly 1,000 times estimated 2027 earnings in June, 200 times earnings at certain points in July, and now trades for half that multiple.

What's changed, of course, are earnings estimates. Wall Street projected essentially no earnings shortly after SpaceX's initial public offering in June. Now, they project 2027 earnings per share of about $1.70, growing to $21.05 by 2031.

That's an earnings growth rate of almost 90%. Divide that by the price-to-earnings ratio, and SpaceX's price-to-earnings-to-growth, or PEG, ratio is about 1.2. That isn't a rich multiple. The S&P 500 trades at a PEG of about two times.

A PEG ratio isn't a magical valuation tool. Stocks don't have to trade at two times. A PEG tries to normalize multiples of high-growth companies. Said another way, it's OK for a high-growth company to have a high multiple as long as the high growth continues and doesn't decelerate.

"Adjusted for growth, SpaceX is one of the cheaper ways to play the strong optionality of the Space and Intelligence Economy," wrote Jonas. "Investors still have a few weeks to 'catch' the opportunity before Flight 15."

SpaceX launched its 14th Starship test in September. Starship is large and fully reusable, which can dramatically lower the cost to reach orbit. Lower space costs enable businesses such as SpaceX's Starlink space-based broadband product and, eventually, SpaceX's Starmind space-based AI computing constellation.

Starship's 15th test could be a catalyst as investors start to believe that the spacecraft will be fully operational, delivering low-cost satellites to orbit in a few months. Starship could give investors confidence that SpaceX growth won't slow down, a reason why Jonas believes the stock is cheap.

Still, he doesn't have the highest price target on Wall Street, according to FactSet. That distinction goes to Raymond James' Brian Gesuale. His price target is $800, which values the company at about $11 trillion.

SpaceX stock still isn't near that mark. Shares closed at $171.92 on Tuesday, up 0.5%, while the S&P 500 and Dow Jones Industrial Average gained 0.6% and 0.5%, respectively.

Through Tuesday's trading, SpaceX stock gained more than 16% over the past three days.