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Wedbush analyst Dan Ives compared Palantir to soccer great Lionel Messi.
Megan Briggs/Getty Images
Palantir Technologies
shares were getting a major boost Friday after Wedbush technology analyst Dan Ives launched coverage of the AI software company with an Outperform rating, setting a target price of $25. Ives contends Palantir is well-positioned to take market share in both the commercial and government analytics software markets.
Palantir stock (ticker: PLTR) was up 5% to $16.94.
“Palantir has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade,” Ives wrote in a note titled ‘The Messi of AI.’
Ives said that his $25 target price is based on 10 times his bull case 2027 revenue estimate of $5 billion.
“We believe Palantir has a generational opportunity to gain a significant share in what will be an $800 billion TAM [total addressable market], while an unlimited number of AI applications redefine business processes across verticals,” he said. In recent months, the company has layered on top of its existing software a new AI layer, which it calls AIP, for Artificial Intelligence Platform.
Ives added: “Given the company’s extensive experience handling customer data, Palantir’s transition to a pure-play AI name will leverage its existing expertise to drive advancements and deliver AI solutions powered by high-quality data. By capitalizing on its data-driven foundation, the company can harness the power of emerging LLMs to enhance platform capabilities.”
Write to Eric J. Savitz at [email protected]
Source: https://www.barrons.com/articles/palantir-stock-price-messi-of-ai-b2eb839d?siteid=yhoof2&yptr=yahoo