Palantir Technologies Inc. (PLTR) PT Raised to $30 at Citi

Citi analyst Tyler Radke raised the price target on Palantir Technologies Inc. (NYSE: PLTR) to $30.00 (from $28.00) while maintaining a Neutral rating.

The analyst comments "We are updating our Palantir model following a strong FQ2 beat with accelerating growth led by a return of large USG contracts. Results show that PLTR’s approach (potentially helped by AIP) is able to tap into emerging AI pools of spend with record net adds of large 8-figure customers and a 15pts reacceleration in US Commercial that helped offset some softer international market performance. We are impressed by FQ2 results, but see forward returns capped with the highest valuation in software with a NTM revenue multiple of 19x and EV/FCF of ~60x with continued government lumpiness. We raise 2024 top-line estimates by 4 pts and take long-term growth up by 1 pt. We maintain our Neutral/High Risk rating; our TP moves to $30 from $28 on higher estimates."

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