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Palantir Technologies Inc. (NYSE:PLTR) shares rose moderately in Thursday’s premarket trading, reversing some of the 1.57% decline seen in the previous session.
The rebound came amid a general improvement in risk sentiment toward tech stocks after Wednesday’s drubbing. Wedbush analyst Daniel Ives, a Palantir bull, on Thursday announced a new bull-case price target of $50 for the stock. The analyst maintained an Outperform rating and a $35 price target.
Palantir has been a major focus over the past year, with expanding use cases for its marquee products leading to a large partner ecosystem, said Ives in the note. He noted that demand has been rising rapidly across both commercial and government organizations.
“With AI spending taking up more spending in IT budgets as more organizations learn how to properly implement this
tech, we believe the Messi of AI Palantir is in a prime spot to continue expanding its pipeline as the company provides more use cases,” he said, adding that the Palantir story “remains very undervalued and misunderstood by the Street.”
Palantir is scheduled to report its second-quarter results after the market closes on Aug. 5. Analysts, on average, expect the company to report earnings of 8 cents per share, up from the year-ago’s 5 cents per share, and revenue of $652.14, representing an estimated 22.4% growth.
In premarket trading, Palantir rose 0.57% to $28.38, according to Benzinga Pro data. The stock is up over 64% year-to-date.
See Also: Best Artificial Intelligence Stocks
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Posted In: PLTR
