Palantir Technologies Inc. (PLTR) PT Raised to $10 at Goldman Sachs; 'We view the outperformance in the stock YTD as overdone'

Goldman Sachs analyst Gabriela Borges raised the price target on Palantir Technologies Inc. (NYSE: PLTR) to $10.00 (from $9.00) while maintaining a Neutral rating.

"AI will be a tailwind to Palantir's business: e.g. Palantir noted that there has been more inbound interest in its products in the last couple of weeks than all of last year. However, we view the outperformance in the stock YTD as overdone, as a) we view AI as an extension of Palantir's existing work in the data analytics stack, rather than a step function change in product strategy or adoption; b) Palantir is still working on its strategy for monetization; c) our illustrative scenario analysis suggests that AI would likely need to drive a ~15 pt acceleration in Palantir growth over the next 3 years (from 15% to 30%) to warrant current valuations. Taken together, we maintain a Neutral rating on the stock but raise our price target to $10 to reflect the potential for faster medium-term growth."

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