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Palantir Technologies: A 62% plunge ahead?
As per reports, Palantir, which specializes in advanced data analytics software, has had remarkable progress over the past few months. The firm has experienced a jump in customers, with a 43% rise in the number of clients and a 20% increase in average spend per client, resulting in a 36% year-over-year revenue increase. Even with these good results, Wall Street analysts have some serious reservations regarding the stock's high valuation, as per The Motley Fool.
RBC Capital analyst Rishi Jaluria has put a price target of only $40 a share on Palantir, which is a 62% loss from the current $106 price, reported The Motley Fool. While the potential of Palantir to bring AI and machine learning into businesses has been lauded by some analysts, others are not so optimistic. For instance, Forrester Research has highly rated Palantir's AI platform, but another influential research company Gartner, has ranked the company lower than other major players such as Alphabet, Amazon, and Microsoft in the data integration category.
While Palantir's long-term growth estimates are attractive, analysts are forecasting adjusted earnings to increase 31% a year through 2026, as per the report. This makes the current valuation of 255 times adjusted earnings very expensive, reported The Motley Fool. Even with strong growth, such an
