Palantir Technologies Inc. (NASDAQ:PLTR) is one of the AI Stocks Gaining Attention on Wall Street. On August 5, Piper Sandler analyst Brent Bracelin raised the price target on the stock to $182.00 (from $170.00) while maintaining an “Overweight” rating.
The rating affirmation follows Palantir’s earnings beat and full-year guidance hike due to the artificial intelligence boom. The firm stated how robust Q2 demand and US commercial have been backing the immediate-term bull case scenario on the stock.
“Robust Q2 demand across both government and U.S. commercial were supportive of the intermediate-term bull-case scenario on PLTR (30-35%+ CAGR), punctuated by the biggest absolute dollar beat ever ($68M above mid-point guide) with top-line growth accelerating for the 8th straight quarter to 48% (vs. 39% prior).”
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It also highlighted the 10-year $10B Army Deal which builds up the case for further government share gains.
“The 10-year $10B Army Deal strengthens the case for further government share gains within the large $1T+ Defense TAM while 93% y/y growth (vs. 71% prior) in U.S. commercial reinforces an untapped AI platform opportunity for large enterprise customers.”
Even though Palantir carries a rich valuation premium and remains a high-risk investment, the firm believes that its one-of-a-kind growth plus margin model places it into a unique category of one that warrants a premium.
Palantir Technologies Inc. is a leading provider of artificial intelligence systems.
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