Meet the Newest Stock in the S&P 500. It Soared 430% Since Early Last Year, and It's Still a Buy Right Now, According to 1 Wall Street Analyst
The S&P 500 is the best overall benchmark of the U.S. stock market, made up of the 500 largest companies in the country. Given the scope of its member companies, it is considered by many as the most dependable gauge of overall stock market performance. To be included in the S&P 500, companies must meet the following requirements:
Palantir Technologies (NYSE: PLTR) is poised be one of the newest additions to the S&P 500, joining the ranks on Sept. 23 and one of just 11 companies added so far this year. Since the beginning of 2023, Palantir stock has surged 430% as the accelerating adoption of generative AI has boosted its revenue and bolstered its profits.
Yet, despite its tremendous run, some on Wall Street believe there's a long runway ahead. Let's look at what distinguishes Palantir and whether the stock is still a buy.
Source Fool.com