Week to date, shares of Palantir Technologies (NYSE: PLTR) were down 16.5% through Thursday's closing price, according to data provided by S&P Global Market Intelligence. 

One analyst downgraded the stock on valuation concerns following the company's most recent earnings report in May. 

Raymond James analysts still like Palantir's opportunity to capitalize on the growing demand for artificial intelligence (AI). The firm still believes the stock can outperform, but downgraded the shares from a strong buy rating.

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Source Fool.com