Palantir stock rises 6% after buy rating and $29 price target

From Nasdaq, Inc.: 2024-06-21 17:15:00

Palantir Technologies (NYSE: PLTR) stock received a boost after a Wall Street firm initiated coverage, causing the shares to rise over 6% in a single session. Argus Research gave the stock a buy rating and a $29 price target, predicting potential gains of 16% due to growing adoption of its AI software platform. Palantir’s commercial revenue increased 27% in Q1, with a strong revenue pipeline indicating long-term growth potential. The company’s government business is also gaining momentum with recent contract wins, positioning Palantir to capitalize on the booming demand for AI software. Investors can still consider buying Palantir for potential growth opportunities.



Read more at Nasdaq, Inc.: Is Palantir Technologies Stock a Buy Now?