PLTR Stock Is Up 166% In Last 6 Months. Now Dan Ives Sees Room For 17% More Growth: 'Our Recent Checks And Growing Confidence…Is Key To The Bull Thesis'

Amid growing AI adoption support from the Trump administration, Wedbush Securities elevated its price target for Palantir Technologies Inc PLTR, highlighting the company’s strategic approach to artificial intelligence.

The Wedbush Securities Analyst: Dan Ives maintained his ‘outperform' rating on Palantir Technologies Inc PLTR and raised its target price to $90 from $75 apiece, representing a 17% increase from its current price level of $76.87, as of Wednesday’s close.

The recent highest price target for Palantir was $80 apiece, issued by UBS on Dec. 19. The new target price of $90 by Wedbush, makes it the highest price target among the analysts tracked by Benzinga.

The Analyst Takeaways: According to an X post by Ives, their recent “checks” and “growing confidence” in PLTR’s strategies have led to this price hike.

We are raising our price target on Palantir from $75 to $90 as our recent checks and growing confidence in the company's AI strategy is key to the bull thesis on Palantir for 2025. We believe Palantir has a path to become the next Oracle or Salesforce over the coming years 🏆🐂🔥
— Dan Ives (@DivesTech) January 23, 2025

A strong Palantir bull, Ives had last raised the company’s target price to $75 on Nov. 25.

In the past, he has lauded Palantir as "the Messi of AI," emphasizing its leading role in the AI revolution. Ives highlights the expanding use cases for Palantir's products, a growing partner ecosystem, and rising demand for its enterprise AI solutions.

Why Does It Matter: Stargate has committed an initial $100 billion, with a bold long-term goal of investing up to $500 billion, to construct data centers and essential infrastructure that will power the advancement of AI. This ambitious project, currently underway in Texas, is expected to generate 100,000 jobs and solidify the United States’ position at the forefront of AI innovation.

While Nvidia Corporation NVDA, Microsoft Corporation MSFT and Oracle Corporation ORCL are direct beneficiaries of the package, the announcement has boosted all AI-linked stocks.

Price Action: Palantir, the top performer of 2024 on the S&P 500, was down 1.48% in the premarket trade. It fell 4.73% over the last month but it was up 166.82% over the last six months.

Palantir has a consensus ‘sell' with a price target of $38.63, according to the 22 analysts tracked by Benzinga. Recent ratings by Cantor Fitzgerald, Morgan Stanley, and UBS suggest a $70.67 target, implying a 6.53% downside.