Is Palantir Technologies Stock a Buy Now?
Palantir Technologies (NYSE: PLTR) stock received a boost on June 17 after a Wall Street firm initiated coverage on the stock. Shares of the company, which is known for providing software and analytics platforms to both government and commercial customers, rose more than 6% in a single session.
Independent research firm Argus Research gave Palantir stock a buy rating along with a $29 price target. That points toward potential gains of 16% from current levels. Argus analyst Joseph Bonner points out that Palantir is on track to gain from the growing adoption of its artificial intelligence (AI) software platform by commercial customers, which could help the company increase its earnings at an annual rate of 19% for the next five years.
It is worth noting that Palantir stock has now gained nearly 46% so far in 2024 following its latest pop. Does this mean it is too late for investors to buy this AI software play right now? Or can investors still consider buying Palantir in anticipation of more gains?
Source Fool.com
