Cantor Fitzgerald Reiterates Neutral on Palantir, $198 Price Target

Cantor Fitzgerald analyst Thomas Blakey reiterated a Neutral rating and $198.00 price target on Palantir (NASDAQ: PLTR).

“Palantir posted a 5% beat, including a 6% beat to US Commercial revenue in 4Q25 (vs. 15% beat to US Commercial last quarter). Margins continue to expand, impressively reaching Rule of 127% in 4Q.

The company guided a very strong US Commercial to accelerate from 109% growth in C25 (which accelerated from 53% in C24) to “in excess of” 115% in C26, which was 29% higher than Street/Consensus forecasting for US Commercial at the low end of this new guide.

Strength in the quarter was driven by expanded spending (NDR 139% vs.

134% last qtr., 120% 4Q24), partially driven by AIP, inline with our checks, with existing customers as TTM growth at top 20 customers accelerated to 45% growth from 38% last quarter and a six point more difficult compare with outlook supported by RPO growth of 143% vs.

66% (20pt easier compare) and 95% growth in cRPO, nearly double from 56% last quarter on a similar compare.

Our estimates move meaningfully higher, driven by US Commercial strong guide and US Govt revenue, where US Federal shutdowns appeared to not impact mission-critical spending in the US, which expanded in 4Q25, driving our C26 forecasts higher for this segment, as well.

We continue to view Palantir as a leader in AI-driven analytics that meaningfully transform complex enterprise and government data sets into operational insights, yet we reit our Neutral rating as we lower our target multiples to align with overall software multiple compression in recent months maintaining our $198 PT, or 51x C27E revenue (versus PLTR’s historical 3-year NTM average multiple of 38x and median of 22x).”

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