Palantir Technologies (NYSE: PLTR) stock rose in pre-market trading Monday after Wedbush analyst named it one of his top tech picks for the rest of 2024.
Daniel Ives, a renowned Wedbush analyst, has identified Palantir (NYSE: PLTR) as one of his top tech picks for the latter half of 2024. Ives predicts that tech stocks, including Palantir, will see an additional 15% rise, building on gains from the first half of this year.
In his analyst note, Ives wrote,
“A tidal wave of $1 trillion of spending will come to the shores of the tech sector.”
Institutional Confidence
Adding to the optimism, Cathie Woods’ Ark Invest recently demonstrated its confidence in Palantir by acquiring 199,372 shares, valued at around $5.16 million, through the ARK Autonomous Technology & Robotics ETF fund on Monday.
Bank of America’s Bullish Outlook
Bank of America analysts remain optimistic about Palantir’s future as well. In a recent note, BofA reiterated a Buy rating and a $28 price target on the stock, citing the company’s potential for “significant upside” driven by the increasing adoption of Artificial Intelligence (AI).
Bank of America has identified several growth drivers for Palantir. They foresee substantial growth in defense sector AI integration, a trend that will directly benefit Palantir. Moreover, the company’s commercial business is gaining traction through initiatives like boot camps, showcasing the practical value of its AI solutions. Finally, the potential inclusion of Palantir in the S&P 500 index could attract more institutional investors, further boosting its stock price.
Technical analysis from Bank of America also supports their bullish outlook. They identified a “bullish correction,” positioning PLTR stock for a move toward $30. Additionally, the analysts see rising moving averages and the stock’s relative strength compared to the S&P 500 as supportive factors. The analysts believe that Palantir has the potential to surpass recent highs and approach the 61.8% retracement level of its previous decline, near $30.
Palantir (NYSE: PLTR) Stock Price Action
As of 08:47 a.m. (Eastern Time) Monday, PLTR stock traded at $28, marking a 2.83% increase compared to the previous trading session.
