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Palantir Technologies shares soared to an all-time high Tuesday, a day after the company’s outlook blew past analysts’ expectations on strong demand for its Artificial Intelligence Platform.
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Shares of Palantir set an intraday record and were on track to close at an all-time high for the third consecutive session, after nearly quintupling in value over the past year.
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Several analysts raised their price targets for the stock, with Wedbush calling it a “transformational” tech stock.
Palantir (PLTR) shares soared to an all-time high Tuesday as several analysts raised their price targets after the company’s outlook blew past analysts’ expectations on strong demand for its Artificial Intelligence Platform.
Shares of Palantir were up over 22% at $102.57 after jumping to an intraday record of $106.91, and on track to close at an all-time high for the third consecutive session after nearly quintupling in value over the past year. The gains propelled Palantir to the top of the S&P 500’s best-performing stocks.
Wedbush analysts reiterated an “outperform” rating for the stock Tuesday and lifted their price target to $120 from $90 on AI-driven growth, calling it one of a few “transformational” tech stocks with the potential to change the landscape.
Bank of America analysts, who raised their price target to $125 from $90 and maintained a “buy” rating, said they see Palantir “enabling and leading the AI revolution in both Commercial and Defense markets.” The analysts added they believe the Trump administration’s focus on AI and the new Department of Government Efficiency led by Elon Musk could benefit Palantir.
UBS analysts raised their objective for the stock as well, to $105 from $80, claiming the results suggested Palantir’s high premium relative to its peer group is justified.
Morgan Stanley analysts, who were among those concerned the stock could be overvalued ahead of Palantir’s results, boosted their rating to “equal-weight” from “underweight,” and increased their price target to $95 from $60, a level the stock quickly surpassed Tuesday.
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