Palantir Technologies (NYSE: PLTR) stock has posted strong gains across 2024's trading. Spurred by improving margins, adoption of the company's artificial intelligence (AI) services, and expectations of long-term tailwinds tied to the unfolding tech revolution, the data-software specialist's share price has risen 34% year to date. Even more striking, shares are up 186% over the last 12 months.

But one Wall Street analyst outfit is pumping the breaks on the stock. In a note published on Palantir on Thursday, brokerage firm Monness, Crespi, Hardt & Co. maintained a price target of $20 per share on the stock, but it downgraded its rating from neutral to sell.

Palantir's stock price pulled back in Thursday's trading in response to the updated coverage, falling 6.1% in the daily session. With the data software specialist's stock now trading at roughly $23 per share, Monness' price target would imply a downside of 13%.

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Source Fool.com