Goldman Sachs Reaffirms Neutral on Palantir, $80 Price Target

Goldman Sachs analyst Gabriela Borges reiterated a Neutral rating and $80 price target on Palantir Technologies Inc.

(NASDAQ: PLTR)

“

We visited Palantir’s New York office on March 11 for a product demo and had the opportunity to meet with Anuraag Bahl, Head of AIP & VP of Product; Dave Glazer, CFO; and Cary Li, head of IR.

In this note, we detail our updated view of Palantir’s core technical differentiation — the ontology — which bridges the gap between the raw data across an organization (structured, unstructured, siloed, etc.) and operational decision-making.

We also summarize highlights from AIPCon 6 on March 13.

While Palantir has iterated and improved on its ontology, its core technical competencies have not fundamentally changed over the past year – rather, the market has increasingly seen the value of an operation-centric data platform as enterprises look to embed AI applications.

In order to utilize AI, organizations need to structure and contextualize their data in a way that’s accurate and operationally relevant, to in turn enable custom workflows to reason through key business questions.

Palantir’s ontology has enabled data stitching and custom workflows since its early days, but with increased enterprise focus on leveraging AI, Palantir has emerged as a company that can provide fast time to value with AI through its AI Platform (AIP) while showing tangible ROI.

We maintain a Neutral rating; our positive view of Palantir’s differentiated technology is balanced by our limited visibility into whether building custom AI workflows will become easier as the technology ecosystem matures, and the stock’s EV/Sales/growth multiple at 1.9x vs.

20-30% Software growth cohort at 0.5x.”

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