Zinger Key Points
- Wedbush's Dan Ives believes Palantir investors focused on valuation are missing the bigger picture.
- "When we do the checks that we've done for Palantir, I think it's the next Oracle, it's the next Salesforce," Ives says.
Wedbush’s Dan Ives believes buying Palantir Technologies Inc PLTR stock right now could be like buying Tesla Inc TSLA stock in 2015.
What To Know: Following Palantir’s fourth-quarter results late Monday, Ives discussed the AI stock’s potential in an interview on CNBC’s “Closing Bell: Overtime.”
“The bears, they were bearish at $10, hated it at $40 and despise it at $100 … They can’t see AI in the spreadsheets,” Ives said. “When we do the checks that we’ve done for Palantir, I think it’s the next Oracle, it’s the next Salesforce.”
Palantir is going to be front and center in the AI revolution, Ives said, adding the company has made it to where it is today without a direct sales team. This suggests Palantir could accelerate its growth over the coming years.
“When you start to look out to the next three, four, five years … this could be a $1 trillion market cap,” Ives said.
Palantir beat analyst estimates on the top and bottom lines for the sixth consecutive quarter this week as revenue grew 36% year-over-year, driven by strong U.S. revenue growth of 52% year-over-year.
Palantir’s customer count grew 43% year-over-year after closing 129 deals worth over $1 million and 58 deals worth at least $5 million in the quarter. The company also issued strong guidance and said momentum is “unlike anything that has come before.”
Check This Out: Palantir Rockets On Strong Q4: ‘2024 Was Only A Dress Rehearsal’ For AI Growth, Says Analyst
Palantir shares are up approximately 370% over the past year and the stock has already climbed about 36% year-to-date. Many analysts and institutional investors remain bearish on Palantir due to valuation concerns, but Ives isn’t one of them.
“I think many have missed the biggest historical growth names over the last 20 years because they focus on valuation,” Ives said.
The Wedbush analyst told CNBC that the growth story in Palantir is reminiscent of the growth seen at Tesla and Nvidia Corp NVDA. He believes that buying Palantir today is like buying Tesla in 2015.
According to data from Benzinga Pro, Tesla shares rallied roughly 3,000% from 2015 to the peak in 2021. And if you bought Tesla stock in 2015 and held it until today, you would be up roughly 3,900% on your initial investment.
Price Action: Palantir shares were up 22.5% at $102.53 at the time of publication Tuesday, according to Benzinga Pro.
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