Wedbush Is Doubling Down on Palantir Stock Amid a ‘Tidal Wave' of Spending. Should You Buy PLTR Stock Now?
Palantir (PLTR) shares inched up on Friday, May 23 after the U.S. Army extended its contract for the company's Maven Smart System.
The contract modification valued at $795 million reiterates PLTR's leadership position in defense contracting and its growing dominance in AI-powered military intelligence.
According to senior Wedbush analyst Dan Ives, Friday's announcement offers another significant reason to remain invested in Palantir stock that's currently up more than 90% versus its year-to-date low.
Wedbush Reiterates Its $140 Price Target on Palantir Stock
The $795 million contract modification raises the total value of the company's Maven agreement with the U.S. Army to about $1.3 billion, which makes it Palantir's first-ever billion-dollar contract.
Wedbush Securities is bullish on Friday's announcement as the extended contract will likely help accelerate PLTR's revenue from the government segment that's already been growing at a fast clip.
In the first quarter, the big data analytics firm attributed $373 million of its overall revenue to the U.S. government business – up a whopping 45% on a year-over-year basis.
Dan Ives currently has an 'Outperform' rating on Palantir stock with a price target of $140, which indicates potential for another 14% upside from current levels.
Robust Financials Warrant Investing in PLTR Shares
Following the contract modification revealed on Friday, Ives reiterated that PLTR is 'one of the top names to own' in 2025.
In his research note, the analyst argued that the extended Maven agreement offers an opportunity for Palantir to 'capitalize … while continuing to generate unprecedented traction for its entire portfolio.'
He recommends owning Palantir stock for the strength of its financials as well. Earlier in May, the Denver-headquartered firm raised its full-year guidance for revenue to $3.895 billion.
On an annualized basis, that represents an exciting growth rate of 36%.
Other Analysts Disagree With Wedbush on Palantir
Investors should note, however, that other Wall Street analysts are nowhere near as bullish on Palantir stock as Wedbush Securities.
The consensus rating on PLTR shares currently sits at 'Hold' only with the mean target of about $94 indicating potential downside of close to 25% from current levels.
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