Truist Initiates Coverage on Palantir at Buy

Truist Securities analyst Arvind Ramnani initiated coverage on Palantir (NASDAQ: PLTR) with a Buy rating and a price target of $223.00.

“We acknowledge the significant valuation premium PLTR commands, but continue to see a Buy opportunity given its significant opportunity to drive GenAI adoption for governments & enterprises.

PLTR has seen material improvement in its momentum driven by the release of AIP, with top-line growth accelerating to 63% y/y from 13% y/y since 2Q23 – with a larger portion of this growth flowing down to op. margins, reaching 50%+ margins.

While much of the momentum has come from its US business, we see international as a significant opportunity. We view PLTR as a best-in-class AI asset.”

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