Last year was one to remember for Palantir Technologies (NYSE: PLTR). Shares of the software builder for the intelligence community more than doubled, soaring 167% in 2023.

After declining in each of its first two years as a public company, Palantir finally paid off for its shareholders. Can it keep beating the market in 2024? Let's go over some of the reasons the hot stock might be able to double again in the year ahead.

Revenue at Palantir has decelerated for three consecutive years, including last year, despite shares more than doubling. Decelerating growth isn't a death sentence, especially when a company is posting high top-line gains that are seemingly unsustainable. It doesn't mean the market won't celebrate when the trend turns positive.

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Source Fool.com