SpaceX stock slipped Friday as investors took a step back from high-growth names. Shares of SpaceX (SPCX) were down 0.47% at $152.28 in afternoon trading, while the Nasdaq Composite fell 0.48% and the S&P 500 dipped 0.06%.

The move lower comes as the broader market turns cautious, but analysts see a longer-term story that goes beyond today's price action.

Analysts Point To Long-Term Narrative

D.A. Davidson analyst Gil Luria told CNBC on Friday that SpaceX is trading largely on future expectations, similar to other Elon Musk-led companies. He said investors are assigning value to long-term opportunities such as Mars exploration and space-based data centers.

Vanda strategist Viraj Patel noted that SpaceX has attracted strong retail interest because it combines a transformational technology story, an ambitious long-term vision, a high-profile founder and extensive media attention.

Morningstar Wealth's Mike Coop told CNBC that the "cult of Elon" continues to draw retail investors and contribute to elevated volatility.

The stock carries a Hold rating from seven analysts, with an average price target of $158.33. The high estimate is $190, the low is $115. Recent analyst moves include:

• Argus Research: Initiated with Hold (June 26)
• Susquehanna: Initiated with Neutral, forecast $170 (June 23)
• Keybanc: Initiated with Sector Weight (June 22)

SpaceX Price Action

Shares were down 0.47% at $152.28 at the time of publication Friday, according to market data.