Jefferies Reiterates ‘Underperform’ Rating on Palantir

Jefferies analyst Brent Thill raised the price target on Palantir to $70 (from $60) while maintaining a Underperform rating.

“US demand is clearly booming and results were strong, with total rev/US commercial growth accelerating to 63%/121% y/y (vs 48%/93% last Q) and CY25 raised on a record beat: total rev to 54% growth (vs 45% prior), US commercial to 104% growth (vs 85% prior) and opm to 49% (vs 46% prior).

We are fundamental fans and the numbers speak for themselves, but we believe the risk/reward at 83x CY26E rev is unfavorable and prefer to own AI in other ways (MSFT, SNOW).”

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