Investors in data analytics specialist Palantir Technologies (NYSE: PLTR) probably weren't feeling too good when their company reported its first quarter at the beginning of May. Although the company squeezed out double-digit growth on both the top and bottom lines and beat the average analyst projection for revenue, the share price tumbled on the news.

One of those Palantir prognosticators had a bit of a different reaction to this event -- he raised his price target by a lot. Although he maintained the equivalent of a sell recommendation, perhaps market participants should take a different view.

That analyst is RBC Capital's Rishi Jaluria, who nearly doubled his fair value estimation of Palantir stock. Just after those earnings were disseminated, he reset his price target to $9 per share from his previous $5. Yet, as the new level is 33% below the company's latest closing price, he left his underperform recommendation intact.

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Source Fool.com