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Palantir Stock Surged 25% Today and Here is Why

by Sham
February 6, 2024
in Uncategorized
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Palantir Stock Surged 25% Today and Here is Why
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  • Palantir’s stock price surged over 25% after the company reported stronger than expected Q4 earnings results, with revenue beating analyst expectations.
  • Demand remains strong for Palantir’s AI offerings, with nearly 600 pilots carried out last year. Upgrades from analysts followed the earnings release.
  • With the earnings beat, growth in commercial business, and momentum with AI, Palantir’s future looks bright despite some analyst reservations about valuation.

Palantir Technologies, a software company known for its defense and intelligence work, saw its stock price surge over 25% on Tuesday. This comes after the company released strong fourth-quarter earnings results that exceeded analyst expectations.

JUST IN: Palantir $PLTR is up 26% today after fourth-quarter earnings beat expectations pic.twitter.com/j7mh6xf4Oz

— BlockNews.com (@blocknewsdotcom) February 6, 2024

Strong Financial Results Drive Stock Higher

For the fourth quarter, Palantir reported revenue of $608.4 million, which was 20% higher than the $524 million expected by Wall Street analysts. The company expects first quarter revenue between $612 million and $616 million.

Demand for AI Offerings Remains Strong

In a letter to shareholders, Palantir CEO Alex Karp said demand for large language models in the US continues to be “unrelenting.” Last year, Palantir carried out nearly 600 pilots with its Artificial Intelligence Platform (AIP).

Upgrades from Analysts

Following the earnings release, analysts at Citi and Jefferies upgraded Palantir’s stock and raised their price targets. The upgrades were driven by Palantir’s stronger-than-expected results, especially the growth in its commercial business and momentum with AIP. However, some analysts still have reservations about Palantir’s valuation.

Growth Expected to Continue

While Palantir’s AIP is still early in development, analysts think it is already having a meaningful impact on the company. They expect Palantir’s momentum with AI to continue. Analysts also see opportunities for Palantir’s software with the US government.

The Future Looks Bright

With strong financial results, growing demand for AI offerings, and momentum in key business areas, the future looks bright for Palantir. While some analysts remain cautious, the company seems poised for more growth in 2023 and beyond.

Tags: Alex KarpCitiJefferiesPalantirPalantir Technologies
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