RBC Capital Reiterates Underperform on Palantir, $90 PT

RBC Capital analyst Rishi Jaluria reiterated an Underperform rating and $90 price target on Palantir (NASDAQ: PLTR).

“2Q26 Preview and Quarterly Government Spend Tracker; In this note, we provide our thoughts into earnings based on our government spending tracker, checks, investor conversations, and retail themes.

We flag three themes: 1) valuation remains unattractive, in our view; 2) our government data tracker points to a spike in QCV and net new ACV amid ongoing geopolitical instability; and 3) skepticism around the durability of Commercial momentum, with recent checks suggesting customers are reassessing or considering moving off PLTR.

We view the risk/reward skewed to the downside.”

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