Palantir's Q3 Beat-And-Raise 'Another Stepping Stone Placed On The Golden Path' For The Company, Says Analyst
Portfolio Pulse from Shanthi Rexaline
Palantir Technologies, Inc. (NYSE:PLTR) shares traded flat in premarket trading Friday after a 20%+ rally in the previous session on the back of a third-quarter beat. Wedbush analyst Daniel Ives maintained an Outperform rating and $25 price target for Palantir stock. Palantir is witnessing heightened demand for its product portfolio across government and commercial sectors, which manifested in the third quarter double beat and guidance raise. The 23% year-over-year revenue growth in the commercial customer sector to $251 million was due to the increased adoption by new customers and the expansion of existing opportunities within AIP, as well as a faster go-to-market motion.
November 03, 2023 | 12:56 pm
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Palantir's Q3 earnings beat expectations, leading to a 20%+ rally in its stock. The company is seeing increased demand across sectors, contributing to a 23% YoY revenue growth in the commercial customer sector.
The positive Q3 earnings report and the subsequent rally in Palantir's stock price indicate strong performance and increased demand for the company's products. This, coupled with the maintained Outperform rating and $25 price target by Wedbush analyst, suggests a positive short-term impact on the stock.
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