Piper Sandler initiates coverage on Palantir with a PT of $170
Piper Sandler analyst Brent Bracelin initiates coverage on Palantir Technologies Inc. with a Overweight rating and a price target of $170.
“We have monitored PLTR for 5+ years from a coveted late-stage private that completed a direct listing in September 2020 through the trough of disillusionment in late 2022 as the stock plummeted to $6 lows (on eroding confidence in multi-year 30%+ growth aspirations) into the recent ‘rise of the phoenix’ moment where PLTR has been crowned an AI All-Star on accelerating growth.
No doubt, PLTR carries a rich valuation premium and remains a high- risk investment, but it also has a one-of-a-kind growth+margin model that if proven durable could grow into a $24B run-rate by CY32E via share gains across two $1+ trillion TAMs.
We see PLTR as an AI secular winner and initiate at Overweight with a $170 PT.
Given shares are hyper-volatile with a dozen 20-29% drawdowns, we recommend investors be patient and take a ‘buy on a drawdown’ approach to build new positions.”
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