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Palantir Technologies Inc (NASDAQ:PLTR) has generated accelerating growth, with customer upselling and new wins, while many of its peers are "still not seeing measurable return from AI," according to BofA Securities.
The Palantir Technologies Analyst: Analyst Mariana Perez Mora reiterated a Buy rating and raised the price target from $215 to $255.
The Palantir Technologies Thesis: While reports show that 95% of organizations do not see any measurable return from AI, Palantir Technologies is "showcasing the success and savings for customers in Government and Commercial markets," Mora said in the note.
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In the latest quarter, the company's total customer count grew by 45% year over year, while its U.S. Commercial customer count increased by 65%, she stated.
"While the number of users is growing, the contract sizes are increasing with new deals of >$10mn up 3x and >$5mn up 2.5x Y/Y," the analyst wrote.
Palantir is not only growing its revenues with a rising user base, but also achieving significant margin expansion, she added.
PLTR Price Action: Shares of Palantir Technologies had declined by 7.04% to $192.59 at the time of publication on Tuesday.
According to Benzinga Pro, the company reported earnings per share of 21 cents, beating the estimate of 17 cents by 25%, with year-over-year EPS growth of 110%. Revenue reached $1.18 billion, surpassing the $1.09 billion forecast by 8.2%, representing a 62.8% increase from the prior year.
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Posted In: PLTR
