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Palantir stock surges after earnings, but here's where analysts find reason to quibble

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While shares of Palantir were up premarket, analysts weren't all sold on the results, taking issue with the source of upside and a slowdown on some metrics.

Palantir Technologies Inc. shares were poised for another sharp post-earnings gain Tuesday, after the company delivered a surprise quarterly profit once again and posted revenue ahead of expectations as well.

But while shares of Palantir PLTR were up 17% in Tuesday’s premarket trading, analysts weren’t all sold on the latest results, taking issue with the source of Palantir’s upside and a slowdown on some key metrics.“Despite the upbeat results and commentary, we believe investors will remain skeptical, given the continued slowdown in business fundamentals,” Jefferies analyst Brent Thill wrote in a note to clients, while keeping a hold rating but lifting his price target to $10 from $8.50.

The strategic investment program referred to Palantir’s investments in special-purpose acquisition companies that are also customers. This element of the business stood out to some analysts Tuesday, as Glazer noted $33 million of quarterly revenue came from this area, above Palantir’s prior expectations, “due to the unanticipated acceleration of revenue from certain of these contracts.”

Added William Blair’s Louie DiPalma: “Total revenue would have been generally in line when normalizing the pull-forward of revenue associated with its struggling SPAC customers.” DiPalma rated Palantir’s stock at underperform.“All in, profitability and growth opportunities are pacing ahead of expectations and models will be biased higher,” he wrote.

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