Palantir Stock Can Rally Almost 60% Says This Analyst After Initiating Coverage at Buy
2022.04.11 17:53
Palantir (PLTR) Stock Can Rally Almost 60% Says This Analyst After Initiating Coverage at Buy
Monness, Crespi, Hardt & Company analyst Brian White has started research coverage on Palantir (NYSE:PLTR) with a Buy rating and a $20.00 per share price target.
“Palantir has built out a strong presence across a broader scope of government organizations based in liberal democracies and demonstrated success with commercial organizations. At a time when society and government organizations around the world question the modus operandi and values of Big Tech, Palantir has taken a ‘path less followed’ relative to its tech brethren. Palantir has remained steadfast to its core values, fostering a distinct culture, and developing unique software,” White said in his initiation note.
The analyst believes Palantir is well-positioned as it attacks a “significant” market opportunity, estimated by the company at roughly $119 billion.
“Palantir has delivered strong revenue growth in recent years, albeit below the rates experienced by the fastest growing software companies in our coverage universe. That said, Palantir is solidly profitable while most next-generation software companies struggle in this department,” White added.
The set price target indicated an upside of almost 60% compared to the current market price of PLTR shares as shares trade over 55% lower compared to the September record high.
Palantir stock is trading at $12.69 at the time of writing (10:15 EST).
By Senad Karaahmetovic
