UBS Keeps Buy on Palantir, $250 Price Target

UBS analyst Karl Keirstead reiterated a Buy rating and $250 price target on Palantir (NASDAQ: PLTR).

“Revs growth was outstanding – total revs growth of 96% (over 2x that of peers such as Snowflake and Datadog, a 6.9% beat, “normal” relative to the last 5 quarters), US Commercial growth of 148% (stable with 149% in 2Q26, above our 144% estimate) and total US growth of 119% (up from 115% in 2Q26, above our 113% estimate).

Palantir described demand as “insatiable”.

The only plausible pushback on revs growth is that 3Q26 served as evidence that the pace of acceleration is slowing, that growth is stabilizing at an extraordinary level.

Margins were also outstanding at 62% but landed in-line. The main post-print pushback was on the RPO/backlog, which was sequentially flat, well below our model.

Palantir cited a “noisy” RPO metric, impacted by a decision to ramp “sovereign AI” (private model) customers quickly by enabling them to sign <12 month contracts that don’t appear in RPO.

The US Commercial sequential customer add of +33 also slowed again. Net, we’re moving our 2027 revs growth estimate from 60% to 70% and FCF from $8.18 billion to $8.92 billion.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.