Palantir Technologies (NYSE: PLTR) stock climbed during early trading Thursday after receiving favorable coverage from Argus Research.
Argus analysts have initiated coverage on Palantir Technologies with a Buy rating and set a price target of $29 per share. The investment firm noted that Palantir significantly improved its profitability and cash flow in the past year, leveraging its data management and analytics software catering to complex government and business applications.
Analysts at Argus explained,
“While Palantir has long served the needs of the U.S. defense and intelligence community, the company has expanded into the commercial sector with data management and analytics platforms capable of providing solutions to complex business problems.”
Argus analysts noted that Palantir’s government business accounted for 55% of its revenue in 2023. While expecting continued growth in this segment, they anticipate substantial opportunities in its commercial business, particularly within the U.S., to drive future growth.
They added,
“Like many enterprise software companies we cover, Palantir is reliant upon new AI-powered applications to expand its business.”
Despite the inherent volatility and premium pricing of PLTR shares, Argus sees Palantir as a “highly differentiated software company” with significant growth potential.
Palantir Technologies (NYSE: PLTR) Stock Price Action
As of 10:23 a.m. (Eastern Time) Thursday, PLTR stock traded at $26.16, marking a 1.30% increase compared to the previous trading session.
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