PLTR stock is sitting right on medium-term support from $13.50 to $14. A recent AIP conference gave Palantir good marks on its move into the LLM space.like Palantir fared poorly after the Federal Reserve on Wednesday said it was still open to further rate hikes later this year and that 2024 would probably see a slower rate-cutting timeline.
Palantir is – even now following the share price pullback of late September – valued at 61 times forward earnings. This valuation profile mixed with a lack of certainty over profitability from Palantir’s much-hyped Artificial Intelligence Platform or AIP gives Palantir a poor risk/reward profile, according to Morgan Stanely’s coverage update.
Wedbush Securities’ Dan Ives, who has a $25 price target on PLTR stock, wrote, “Overall, we believe Palantir is on the golden path for [AIP’s] monetization story on the commercial side and is well-positioned to capitalize on the strong commercial spending tailwinds into 2H23/2024.”
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