Palantir stock forecast: Here’s how much PLTR could fall soon - broker
Palantir (NYSE:PLTR), a company renowned for its defense and intelligence work with the U.S. government, saw its shares surge significantly in February following its stronger-than-expected Q4 earnings report. Palantir stock is already up more than 42% since the beginning of 2024.
Investors were particularly impressed with the performance of the company’s Artificial Intelligence Platform (AIP) platform. However, a team of analysts is out today with their updated Palantir stock forecast.
Like most of its tech peers, Palantir stock extended its AI-driven momentum from 2023 into this year and is already up more than 42% year-to-date. That represents a notable outperformance compared to the broader S&P 500 index, which gained around 8% during that period.
The biggest boost for PLTR stock was its earnings report for the fiscal Q4, after which the stock closed 30% higher.
The big data analytics software maker reported a 20% increase in quarterly revenue to $608.4 million, surpassing the $602.4 million predicted by analysts.
For the upcoming first quarter, Palantir forecasts revenue between $612 million and $616 million, slightly below the $617 million projected by analysts.
In a shareholder letter, the firm’s CEO Alex Karp said the demand for large language models (LLMs) «continues to be unrelenting» in the U.S.
Under Karp's leadership, Palantir has been expanding AIP, executing nearly 600 pilots using the technology in the past year.
In the aftermath of the Q4 print, Palantir stock received a series of upgrades from Wall Street analysts, including those at Citi, who raised their target price from $10 to $20.
Analysts said Palantir’s robust quarterly performance was fueled by “breakthrough momentum” in its commercial unit,
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