Is Palantir (PLTR) One of the Best AI Software Stocks to Buy?

Palantir Technologies Inc. (NASDAQ:PLTR) is one of the 10 Best AI Software Stocks to Buy Right Now. On January 22, Phillip Securities started covering Palantir Technologies Inc. (NASDAQ:PLTR), giving the stock a Buy rating and setting the price target at $208.

Phillip Securities noted that the stock could move higher as the company’s fundamentals improve and its total addressable market continues to grow. According to the research firm, Palantir Technologies Inc. (NASDAQ:PLTR) has “just” captured 2.4% of its $119 billion total addressable market estimated in 2020. With the company’s AI software growing at more than 25% a year, Phillip Securities noted that the addressable market has probably expanded, which supports “significant upside” for the stock.

Is Palantir (PLTR) One of the Best AI Software Stocks to Buy?

Earlier, on January 6, Truist Securities also initiated coverage of Palantir Technologies Inc. (NASDAQ:PLTR), giving it a Buy rating and a price target of $223. The firm noted that the stock trades at a high valuation but highlighted the company’s strong opportunity to help governments and enterprises adopt generative AI.

Truist Securities pointed to improving momentum supported by the launch of Palantir Technologies Inc.’s (NASDAQ:PLTR) Artificial Intelligence Platform (AIP). In its initiation report, the research firm described Palantir Technologies Inc. (NASDAQ:PLTR) as a “best-in-class AI asset.”

Palantir Technologies Inc. (NASDAQ:PLTR) is an American software company that specializes in big data analytics and AI platforms. The company serves key government and commercial enterprises.

While we acknowledge the potential of PLTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PLTR and that has a 100x upside potential, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.