RBC Capital Reaffirms $45 Price Target on Palantir

RBC Capital analyst Rishi Jaluria reiterated on October 28, 2025, an ‘Underperform’ rating and $45 price target on Palantir.

“We maintain our Underperform rating and $45 price target on Palantir ahead of Q3 earnings cheduled for November 3th after market close.

We see unfavorable risk/reward. Shares of PLTR are up ~20% over the past three months (vs. ~4% for IGV).

Heading into Q3 earnings, among our RBC All-SaaS constituents, Palantir is one of three names we track trading >20x EV/CY26E revenue (see here).

We cannot rationalize why Palantir is the most expensive name in our software coverage.

Absent a substantial beat-and-raise quarter elevating the NT growth trajectory, valuation seems unsustainable.”

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