Palantir Stock Worth 80% More? Wedbush's Ives Bumps Up Price Target On 'Off-The-Charts' Q4 Success From 'Messi Of AI'
Portfolio Pulse from Shanthi Rexaline
Palantir Technologies, Inc. (NYSE:PLTR) exceeded fourth-quarter revenue forecasts and met bottom-line expectations, marking its fourth consecutive quarter of GAAP profitability. Wedbush analyst Daniel Ives, impressed by Palantir's performance, maintained an Outperform rating and increased the price target from $25 to $30, indicating a 79.43% upside potential. Ives highlighted Palantir's significant commercial success, particularly in AI, noting a 70% growth in commercial business and a 44% increase in commercial customer count in Q4. Despite the volatility in the Government business segment, Ives is optimistic about Palantir's U.S. commercial business, projecting at least 40% growth in 2024 and potential S&P 500 inclusion.
February 06, 2024 | 1:03 pm
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Palantir's stock price target was raised from $25 to $30 by Wedbush analyst Daniel Ives, following a strong Q4 performance, especially in AI. The company's commercial business saw a 70% growth, and its commercial customer count increased by 44%.
The significant upward revision in Palantir's price target by a reputable analyst, based on its Q4 performance and growth in AI, suggests a strong bullish sentiment. The company's consistent profitability and rapid growth in its commercial sector, particularly in AI, are likely to positively impact its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100