Analyst: Palantir Stock "Poised to Be a Major AI Player"

The majority of analysts are currently bearish on the stock

Jake Scott

Deputy Editor

Jul 31, 2023 at 9:43 AM

PLTR

The shares of Palantir Technologies Inc (NYSE:PLTR) are gaining traction this morning, following an ambitious bull note. The software stock was last seen 6.9% higher at $19.04, after Wedbush initiated coverage with an "outperform" rating and a $25 price target. The analyst in coverage noted "Palantir has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade."

Should these early gains hold, it will help PLTR move closer to a 200% year-to-date lead. The equity is fresh off its 11th winning week in the last 12, and earlier this morning nabbed a new two-year high of $19.20.

There's ample room for other members of the brokerage bunch to follow Wedbush's lead. Coming into today, just two of 12 covering analysts rated PLTR a "buy" or better. In addition, the current 12-month consensus target price of $11.61 is a 39.1% discount to Friday's close.

There's modest short squeeze potential too, with short interest off by 6.2% in the most recent reporting period, yet the 124.36 million shares sold short still accounting for a healthy 7% of PLTR's total available float.

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