Palantir Technologies Inc. (PLTR) PT Lowered to $21 at Jefferies

Jefferies analyst Brent Thill lowered the price target on Palantir Technologies Inc. (NYSE: PLTR) to $21.00 (from $24.00) while maintaining a Buy rating after previewing Q4 earnings.

The analyst commented, "4Q21 rev guide stands at +30% y/y (off a +40% comp) after delivering growth of +36% in 3Q21 (off a +52% comp). The next leg of growth will likely be driven by further acceleration from the commercial business, which has begun to show signs of growth inflection in recent Qs. Looking ahead to 1Q22, rev growth comp gets incrementally tougher at +49% and seasonality will likely have an impact as well, reflected by Street rev growth ests. decelerating to +29% y/y. Stock trades at 11x CY23E revs, at a slight discount to the large cap software average of 14x. Inputting a 7x multiple would imply 33% downside while 13x implies 15% upside."

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