UPDATE: RBC Capital Downgrades Palantir Technologies Inc. (PLTR) to Underperform, 'Limited Russia-Ukraine Benefits; Weak Backlog'

RBC Capital analyst Rishi Jaluria downgraded Palantir Technologies Inc. (NYSE: PLTR) from Sector Perform to Underperform with a price target of $6.00 (from $12.00).

The analyst comments "Although we expected PLTR near-term upside from US federal budgets being passed in mid-March and ongoing geopolitical tensions overseas, results were disappointing to us given: 1) 1Q topline lacked upside to consensus; 2) 2Q guide missed consensus on both revenue growth & profitability; and 3) Total Deal Value growth ex 'investment agreements' declined both Y/Y and Q/Q. The lone positive was mgmt's decision to wind down the investment program but this doesn't change the underlying businessfundamentals. We're downgrading to UP from SP given our decreased confidence in PLTR achieving its 30%+ growth target."

For an analyst ratings summary and ratings history on Palantir Technologies Inc. click here. For more ratings news on Palantir Technologies Inc. click here.

Shares of Palantir Technologies Inc. closed at $9.48 yesterday.

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