Palantir Forecast 2024: 5 Analysts Raise PLTR Stock Price Target

  • Palantir (PLTR) has received several price target hikes after raising its full-year guidance.
  • Goldman Sachs raised its target to $16 from $14 while maintaining a “neutral” rating.
  • Bank of America leans more bullish with its PLTR stock target of $30, up from $28.
PLTR Stock - Palantir Forecast 2024: 5 Analysts Raise PLTR Stock Price Target

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It’s been a great few days for Palantir (NASDAQ:PLTR). Following an impressive , PLTR stock is up 5% today and has been up nearly 30% since the beginning of the week.

For the quarter ended June 30, Palantir reported revenue growth of 27% to $678 million, topping the for $652.8 million.

Palantir’s government revenue was a significant contributor to overall revenue, growing by 23% to $371 million and beating the estimate of $346.6 million. Its commercial sales grew by 33% to $307 million and was in line with the analyst estimate.

Guidance was also a major focus for Palantir’s earnings and the big data analytics company delivered. Palantir expects between $697 and $701 million of revenue for the third quarter, well ahead of the for $679.1 million.

For 2024, Palantir raised its revenue guidance to between $2.742 and $2.75 billion, up from between $2.68 and $2.69 billion.

PLTR Stock: Analysts Raise Price Targets Following Earnings

Palantir received several price target upgrades following its earnings report.

First up is Goldman Sachs, which to $16 from $14 while maintaining a “neutral” rating. Analyst Gabriela Borges left her rating unchanged as she believes that Palantir has already priced in any momentum from artificial intelligence (AI). She notes that PLTR trades at a 0.86x multiple based on EV/sales/growth compared to software competitors, growing revenue at 20% and trading at an average multiple of 0.4x.

At the same time, Borges characterized Palantir as “uniquely positioned to benefit from medium-term enterprise AI engagements given its ability to structure data, upgrade IT infrastructure and custom build AI applications.”

Bank of America is much more bullish and to $28 from $30 while maintaining a “buy” rating. Analyst Mariana Perez Mora believes that the AI trade has slowed in recent weeks, although Palantir stands out as a leader.

“As it was with the gold rush, the real benefactors were the entrepreneurs that supported the rush,” said Mora. “This is where we continue to see PLTR’s ultimate benefactor – the entrepreneur – the digital axe supplier that is still standing tall now that the AI tourists have started to depart.”

Elsewhere, Wedbush to $38 from $35, Mizuho to $24 from $22 and Deutsche Bank to $21 from $20.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s ÃÛÌÒ´«Ã½ team, which centers on the latest news involving popular stocks.


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