Wedbush analyst Daniel Ives raised his Palantir Technologies (NASDAQ:PLTR) price target to $120 from $90, maintaining a Buy rating. Ives, who called Palantir the “Messi of AI”, sees the company reaching a $1 trillion market cap within five years, driven by its AI platform.
The new target reflects more than a 14% upside from current levels. Palantir stock surged more than 20% on Tuesday after beating Q4 FY24 earnings estimates and issuing strong guidance, hitting an all-time high of $106.91 and pushing its market cap past $200 billion. Ives highlighted 43% YoY customer growth, with 129 deals worth at least $1 million and 58 deals exceeding $5 million in Q4.
He sees Palantir’s AI platform (AIP) as unmatched, likening its growth potential to Tesla (NASDAQ:TSLA) in 2015. CEO Alex Karp echoed similar optimism, stating in a Letter to Shareholders that Palantir remains in the early stages of the AI revolution. Q4 U.S. commercial sales rose 64%, while government sales grew 45% year-over-year.
This article first appeared on GuruFocus.
