Palantir Technologies (PLTR) just got a major boost from one of Wall Street’s top tech analysts, Daniel Ives from Wedbush. He raised the price target on PLTR stock to a new Street-high of $160 (12% upside), up from $140, while maintaining a Buy rating. The Top analyst is optimistic about the company’s strong momentum in its AI strategy.
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Ives Sees PLTR on a Golden Path Ahead
The analyst believes PLTR is on a “golden path” to becoming the next Oracle (ORCL). The main reason for the optimism is Palantir’s Artificial Intelligence Platform (AIP), a fast-growing set of tools that is seeing strong adoption across both businesses and government agencies.
Importantly, Ives estimates that PLTR’s U.S. commercial AIP business alone could generate over $1 billion in revenue in the next few years.
Despite a high valuation, the analyst sees Palantir as a top pick in its “IVES AI 30” list, calling it the “Messi of AI” and a major player in the multi-trillion-dollar AI market over the next few years.
Wall Street is Underestimating PLTR’s Potential
Palantir stock has climbed about 90% year-to-date, and Ives sees more room to run. The analyst argues that the Street is underestimating PLTR’s competitive moat and long-term growth potential.
Overall, Ives believes that rising AI spending from the U.S. government and corporate sector is likely to boost Palantir’s revenues.
Is PLTR a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on Palantir stock based on four Buys, nine Holds, and four Sells assigned in the past three months. The average PLTR stock price target is $108.27, implying a downside potential of 23.91%.
