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Palantir Technologies Inc (NYSE:PLTR) shares are trading lower Tuesday after the AI software stock was downgraded by Mizuho.
What Happened: Mizuho analyst Matthew Broome downgraded Palantir from Neutral to Underperform on Tuesday but raised the price target from $21 to $22.
The downgrade comes as Palantir shares are up more than 65% year-to-date largely driven by continued momentum surrounding the company’s positioning in the AI space. Despite the strong start to the year, Palantir stock is still below the highs it set in early 2021.
After the market close on Monday, Palantir scheduled its second-quarter financial results for Aug. 5. The company is expected to report earnings of 8 cents per share and revenue of $652.141 million, according to Benzinga Pro.
Last quarter, Palantir beat analyst estimates as revenue grew 21% year-over-year and delivered its sixth consecutive quarter of GAAP profitability. Palantir guided for second-quarter revenue of $649 million to $653 million and full-year revenue of $2.677 billion to $2.689 billion.
Despite beating estimates and raising its full-year guidance, the stock traded lower. It has since recovered and has hit a series of new 52-week highs in recent sessions as software and AI continue to be strong themes for the market.
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PLTR Price Action: Palantir shares were down 1.88% at $28.13 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: PLTR
