Dan Ives Says Palantir Is on a ‘Golden Path.' Does That Make PLTR Stock a Buy Here?
In a research note this morning, Ives reiterated his 'Buy' rating on PLTR but raised his price target to $160 – indicating potential upside of another 15% from current levels.
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Ives' bullish call on Palantir stock is particularly significant given it's already up more than 100% versus its year-to-date low set in mid-January.
On Thursday, the top ranked analyst recommended that investors rise above valuation concerns as PLTR shares could emerge 'as a core winner in the trillions of AI spend over the next few years.'
According to Dan Ives, the company's artificial intelligence platform (AIP) continues to attract 'unprecedented demand' from both government as well as commercial clients.
Earlier this month, Palantir announced a team up with The Nuclear Company – growing its AI footprint beyond defense and commercial analytics as well.
On the valuation front, Palantir shares do indeed look egregiously overvalued at a forward price-earnings (P/E) multiple of about 382x – well above Nvidia's 40x at the time of writing.
Still, the Wedbush analyst recommended sticking with it as the Nasdaq-listed firm has a 'golden path to become the next Oracle over the coming years.'
In his research note, Ives even called Palantir the 'Messi of AI' – reiterating that it stands to benefit substantially from the artificial intelligence boom.
All in all, he expects the AI stock to climb further as the company's AI solutions continue to 'solve meaningful problems' for clients to boost customer conversions.
Other Wall Street analysts, however, do not share Ives' optimism on Palantir Technologies.
According to Barchart, the consensus rating on PLTR shares currently sits at 'Hold' only, with the mean target of about $105 indicating potential downside of some 23% from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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