Goldman Sachs Reiterates Neutral on Palantir, $204 PT

Goldman Sachs analyst Gabriela Borges reiterated a Neutral rating and $204 price target on Palantir (NASDAQ: PLTR).

“We hosted Dave Glazer, CFO, for an investor meeting in San Francisco on September 11, following AIPCon on September 10.

Our discussion focused on Palantir’s ability to operationalize AI at scale in the context of two key investor debates: 1) what happens to Palantir’s FDE moat in a world where more companies are deploying FDEs and 2) how deep is the TAM?

We believe Palantir’s longstanding FDE motion and workflow productization engine may actually be stickier than what any one competitor can implement as a bolt-on strategy: Palantir benefits from years of deployment experience converting customer-specific workflows into reusable software, a flywheel that appears to be extending further through AI FDE and AIP Evolve.

One large potential competitor told us that they are taking a step back from trying to directly compete with Palantir, after exploring this as a growth strategy earlier this year.

On the TAM, Palantir is in the early stages of getting vertical-specific strategies off the ground, including with Financials (led by former AIG CEO), Semiconductors (with the Nvidia partnership) and Neoclouds (with the Nebius partnership).

We continue to monitor the evolving competitive landscape but are incrementally confident in Palantir’s differentiation via its ability to connect data, decisions, and actions across the enterprise while expanding the value delivered to customers.”

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