RBC Capital Reiterates Underperform on Palantir, $50 Price Target

RBC Capital analyst Rishi Jaluria reiterated an Underperform rating and $50.00 price target on Palantir (NASDAQ: PLTR).

“Our quick take: Palantir reported a solid beat, and 2026 revenue growth guidance of ~61% came in ahead of consensus at 41%. Shares were up ~8% after-hours.

Q4 revenue beat consensus by ~5% (vs. four-quarter average beat of 6%). Total Commercial growth accelerated to 82% YoY (vs. consensus at 76%) from 47% last quarter.

Total Government growth accelerated to 60% YoY (vs. consensus at 53%) from 55% last quarter. Adj. operating margin was 57% (vs. consensus: 52.3%), while adj. EPS was $0.25 (consensus: $0.23).

1Q revenue guidance calls for $1,532 – $1,536M (~74% YoY), above consensus at ~$1,326M, while adj. operating margin midpoint was set at ~72%, above consensus of 48.3%.

2026 revenue guidance was set at $7,182-$7,198M (above consensus at ~$6,295M) and US Commercial revenue guidance exceeds $3.14B which represents at least 115% YoY growth.

2026 Adj. operating margin midpoint was set at ~71%, above consensus of 49.9%, while adjusted free cash flow guidance was set at $3.925-$4.125B, above consensus of ~$2.8B. On the earnings call (5:00pm ET), we look for more detail on AIP upselling trends, updates on the federal spending environment, and any one-time nuances.”

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