Palantir Technologies Stock Has 13% Downside, According to 1 Wall Street Analyst
Palantir Technologies (NYSE: PLTR) stock rocketed higher following the release of its latest earnings report on Feb. 5. The AI software developer reported a high level of customer enthusiasm and demand that has investors optimistic about the company's near-term prospects.
Shares are up more than 50% to $25.41 since the company announced its fourth-quarter and year-end results for 2023. However, analyst Stephen Bersey downgraded the stock from buy to hold with a $22 price target last week. Here's what triggered the analyst's downgrade and what it means for investors.
Wall Street's constant downgrades and upgrades are usually not that meaningful for long-term investors, but they can highlight opportunities or problem areas investors should be aware of. In this case, the analyst is still positive on Palantir's future growth, but he believes the stock's recent rally has gotten ahead of itself and needs to cool off.
Source Fool.com
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