Despite its generally excellent performance throughout 2024 – and particularly since September – Palantir (NYSE: PLTR) has been a highly controversial stock.
Indeed, while PLTR shares have rallied some 113% from about $30 to the press-time price of $64.35 in under three months, many experts remained cautious, frequently opining that the technology giant has already moved higher in its valuation than its revenue can justify.
Still, some have been overwhelmingly bullish, continuously adjusting their forecast toward new and higher price targets while estimating the ongoing artificial intelligence (AI) boom will propel Palantir to ever greater heights.
Wedbush’s Dan Ives is perhaps the most notable such analyst, as he has mostly been setting his targets in line with PLTR’s actual price action.
Palantir stock set to rally to new Street high target of $75
On Sunday, November 24, Ives provided yet another new forecast explaining that Palantir stock is now set for $75. The expert backed the bullish prediction with the expectation that software will be the great beneficiary of the 2025 phase of the AI boom.
The AI Revolution is accelerating and now it’s the software sector that will benefit from the use case phase of AI set to be primetime in 2025.
Furthermore, Ives raised the price target for PLTR to $75 and Salesforce (NYSE: CRM) to $375 per share while simultaneously upgrading Snowflake (NYSE: SNOW) and Elastic (NYSE: ESTC) to ‘buy.’
Wedbush’s analyst was not the only one to settle at the street-high forecast of $75 as the plausible next goal for Palantir stock. On Monday, November 25, Bank of America’s (NYSE: BAC) Mariana Perez Mora forecasted that PLTR shares would rally to the same value within 12 months.
Bank of America joins Wedbush’s bullish PLTR stock forecast
In her analysis, Mora focused on the growing importance of software integration in various sectors and industries:
The incremental value-adding use cases and increased interoperability are critical for continued penetration and upselling opportunities.
She also estimated that Palantir’s government and commercial applications are still in the early stages and that the company’s real benefits are yet to come. This implies that the technology giant has significant room for growth ahead, both in business and in the stock market.
Perez has been bullish about Palantir for several months. She famously criticized other analysts for underestimating the company and compared their outlook to the error the telecommunications giant AT&T made when assessing the potential of mobile phones in the 1980s.
Why Palantir shares might see a massive rally on Tuesday
Finally, Palantir stock has not only benefited from its inclusion in the S&P 500 – an event that proved a major catalyst and accelerator for the shares’ 2024 growth – but is likely to experience additional tailwinds before the end of the year.
Specifically, the technology giant is set to switch its listing from NYSE to Nasdaq on Tuesday, November 26, enabling its future inclusion into the prestigious Nasdaq 100 index – a move that will probably bolster PLTR stock’s institutional appeal and further ignite investor interest. Still, Palantir’s listing change could prove a ‘buy the announcement, sell the event’ opportunity.
Featured image via Shutterstock
Source: https://finbold.com/palantir-stock-just-got-an-eye-popping-price-target/