Jim Cramer Bullish On Palantir's Performance And Stronghold In IT Defense Industry: 'They've Owned That Franchise'

Jim Cramer recently expressed his confidence in the defense business of Palantir Technologies Inc. PLTR.

What Happened: On CNBC’s “Mad Money,” Jim Cramer gave a thumbs-up to Palantir Technologies Inc. PLTR, praising the company’s recent performance and its defense sector presence.

During the “Lightning Round,” Cramer responded positively to a caller’s inquiry about Palantir. He highlighted the company’s satisfactory earnings and its stronghold in the IT defense industry.

"I like it. I thought they had a good quarter, they have a good defense business, I like IT defense work, and they've owned that franchise,” he said.

See Also:

• Long overdue disruption in the moving industry is underway. Here’s how to invest in it with just $100.
• Dogecoin Set to Surge Over 200%, Says Crypto Analyst: ‘It’s Going To Do Something Insane This Cycle’

Why It Matters: Cramer’s recent endorsement of Palantir is significant, considering the company’s ongoing expansion in the defense sector. Just before Cramer’s comments, Palantir secured a lucrative contract with the Defense Information Systems Agency (DISA). This follows a strong buy recommendation from Cramer earlier in March, where he predicted that Palantir’s stock “goes higher.”

Additionally, an analyst from Mizuho maintained a Neutral stance on Palantir but raised the price target from $18 to $21, highlighting the company’s prospects in AI expansion after securing a $178 million deal with the Army.

Price Action: Palantir’s stock closed at $22.86 on Monday with a 52-week high of $27.50 and a low of $7.28, according to data from Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Spike Marking An End To Bullish Q1 2024 — Analyst Says King Crypto Could Ascend To $75K Mark If It Breaches Neckline Resistance

Image via Shutterstock