Palantir Technologies Stock Drops 6% on Monness, Crespi, Hardt Downgrade

Palantir Technologies Stock Drops 6% on Monness, Crespi, Hardt Downgrade March 28, 2024, 6:48 p.m., readers: 4

Palantir Technologies (NYSE:PLTR) stock plunged more than 6% on Thursday after Monness, Crespi, Hardt analysts downgraded the company to Sell from Neutral, setting a price target of $20. The analysts attributed the downgrade to Palantir's significant surge amid the generative AI hype, which in their opinion, led to an overly inflated valuation. Despite recognizing Palantir's potential to benefit from long-term AI trends and geopolitical volatility, the analysts noted concerns over the inconsistency in government contract revenues, uneven execution, and an excessive valuation. They also suggested that the most challenging times of the current economic downturn may still lie ahead.

About NYSE: PLTR

P alantir Technologies Inc. builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. The company provides palantir gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform. It also offers palantir foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data;

Price: 21.88
Market cap: 46.2 billion USD
Eps: 0.09
P/e ratio: 243.11
Focus Analysis On: PLTR