Analysts revise Palantir stock price target
Palantir Technologies, listed on the NASDAQ as PLTR, has been a captivating yet controversial investment option in 2024. As an established player in the realm of artificial intelligence (AI), the company is well-positioned to capitalize on the current AI frenzy. A recent deal with the United States military has provided a significant boost to Palantir, resulting in a gradual upward trajectory in its stock performance.
With the current price of Palantir stock sitting at $23.45 after a 1.29% increase in the last trading session, PLTR seems poised to surpass the critical resistance level at $23.84. Despite this promising outlook, expert opinions on the company’s stock market performance and business prospects remain divided, with some analysts expressing skepticism while others are increasingly optimistic.
In terms of price targets, William Blair analysts maintained their ‘underperform’ rating on June 7, while Bank of America reiterated their ‘buy’ rating for Palantir shares, setting a price target of $28. Renowned analyst Stephen Guilfoyle emerged as a staunch supporter of Palantir in mid-June, citing the company’s leadership in software and strategic partnerships with the U.S. military as key strengths. Guilfoyle’s bullish outlook led to an upward revision of the price target from $29 to $31, indicating a ‘strong buy’ rating for Palantir.
Despite these positive projections, Wall Street remains cautious about Palantir’s stock, with the majority of analysts on TipRanks labeling it as a ‘hold.’ While some experts foresee a potential rise in Palantir shares to $35 within the next 12 months, others predict a decline to $9, resulting in an overall forecasted drop of 6.19% to $22.11.
In conclusion, Palantir Technologies continues to be a topic of debate among investors and analysts alike, with its future performance remaining uncertain in the eyes of Wall Street.
