Palantir: stock up, as Wedbush raises TP
(CercleFinance.com) - Palantir shares continued their inexorable ascent on the New York Stock Exchange on Monday, on the strength of favourable comments by Wedbush Securities, which raised its target price for the stock.
The US broker has raised its TP for the stock from $57 to $75 to reflect its confidence in the AI strategy implemented by the predictive analytics specialist, which it expects to gain momentum over the next 12 to 18 months.
The company it describes as the "Lionel Messi of AI" will, in its view, experience unprecedented growth in demand due to the interest generated by its software suites among businesses.
Against this backdrop, the broker maintains its buy recommendation on the stock.
With a gain now standing at 287% this year, Palantir stock has benefited greatly from the sustained demand surrounding artificial intelligence applications, say the professionals.
But some analysts - such as those at Jefferies - point to valuation multiples that have become 'untenable', with the stock now trading at around 43 times its expected sales for 2025.
They are also concerned about recent share sales by the CEO, who has sold some $2bn worth of shares in the last three months, including over $1bn in the last two weeks.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The US broker has raised its TP for the stock from $57 to $75 to reflect its confidence in the AI strategy implemented by the predictive analytics specialist, which it expects to gain momentum over the next 12 to 18 months.
The company it describes as the "Lionel Messi of AI" will, in its view, experience unprecedented growth in demand due to the interest generated by its software suites among businesses.
Against this backdrop, the broker maintains its buy recommendation on the stock.
With a gain now standing at 287% this year, Palantir stock has benefited greatly from the sustained demand surrounding artificial intelligence applications, say the professionals.
But some analysts - such as those at Jefferies - point to valuation multiples that have become 'untenable', with the stock now trading at around 43 times its expected sales for 2025.
They are also concerned about recent share sales by the CEO, who has sold some $2bn worth of shares in the last three months, including over $1bn in the last two weeks.
Copyright (c) 2024 CercleFinance.com. All rights reserved.