.August 6, 2024 12:33 PM

Mizuho raised the price target for Palantir Technologies Inc. (NYSE:PLTR) from $22.00 to $24.00 after the company’s Q2 results surpassed expectations, leading to a 13% stock price increase.

Analysts praised Palantir for strong Q2 performance with 27% revenue growth and significant large-deal momentum.

Despite the positive results, analysts remain cautious as Palantir’s stock is trading at 19-20 times estimated revenue for 2025, emphasizing the need for consistent execution and growth to justify a higher valuation.

Due to the unpredictable nature of Palantir’s business, analysts maintained their Underperform rating despite the revised price target.