Why Palantir Could Hit $89 Soon
Portfolio Pulse from
Palantir's stock surged 20%, surpassing its previous target of $64, with a new price target set at $89. The company's Remaining Performance Obligations (RPO) increased by 58% year-over-year to $1.57 billion, and long-term RPO surged by 95%. Additionally, billings rose by 50% year-over-year to $823 million in Q3 2024, indicating strong revenue conversion from contracts.
December 12, 2024 | 3:00 pm
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Palantir's stock has surged 20%, surpassing its previous target of $64, with a new price target of $89. The company's strong performance is highlighted by a 58% YoY increase in Remaining Performance Obligations to $1.57 billion and a 50% YoY increase in billings to $823 million in Q3 2024.
Palantir's stock price is likely to rise in the short term due to the significant increase in Remaining Performance Obligations and billings, indicating strong revenue conversion and future growth potential. The revised price target of $89 further supports a positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100