Wedbush‘s Dan Ives increased the price target for Palantir Technologies Inc. PLTR following a transformative quarter for the company, highlighting the success of its Artificial Intelligence Platform’s monetization.
What Happened: In a post on Tuesday, Ives announced that he is raising his price target for Palantir from $35 to $38, with a bullish case of $50.
“This was a game changer quarter for the Palantir story as the AIP monetization story shines. Haters will hate on this one..but US commercial AI speaks for itself,” Ives wrote.
His post followed Palantir’s announcement of its second-quarter financial results, during which the company reported an 83% YoY increase in U.S. commercial customers. This growth was largely credited to the company’s boot camp initiatives, which have been instrumental in demonstrating the potential of AI.
Why It Matters: The company also launched a new software platform, “Warp Speed,” which is designed to revitalize American manufacturing and is seen as a significant factor in the company’s recent success. The platform was described by Palantir’s CTO Shyam Sankar as “the modern American manufacturing operating system that reimagines how to bend atoms better with bits.”
Price Action: At the time of writing, Palantir was trading 9.54% higher at $26.40 on Tuesday morning after the market opened, according to Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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