Palantir Technologies Stock Has 42% Upside, According to 1 Wall Street Analyst. Is the Stock a Buy at a 2-Year High?
There's little question that Palantir (NYSE: PLTR) has benefited from the growing adoption of artificial intelligence (AI). While the company's data mining and AI services were once the province of the U.S. government and its allies, Palantir has branched out, providing services to private companies with AI and business analytics services. Strong and growing demand has supercharged its stock, which is up 236% over the past year.
One Wall Street analyst believes there's much more to come.
Wedbush analyst Dan Ives boosted his price target on Palantir to $35 while maintaining an outperform (buy) rating on the stock. That represents potential gains of 42% compared to stock's closing price on Tuesday. Ives believes investors are underestimating Palantir's Artificial Intelligence Platform (AIP), which he claims is regarded by many U.S. business as the "launching pad of AI use cases."
Source Fool.com