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Palantir (PLTR) shares are in focus on Thursday after a senior Wedbush analyst, Dan Ives, issued a positive note in favor of the Denver-headquartered big data analytics firm.
In a research note this morning, Ives reiterated his “Buy” rating on PLTR but raised his price target to $160 – indicating potential upside of another 15% from current levels.
Ives’ bullish call on Palantir stock is particularly significant given it’s already up more than 100% versus its year-to-date low set in mid-January.
Why Ives Sees More Gains for Palantir Stock Ahead
On Thursday, the top ranked analyst recommended that investors rise above valuation concerns as PLTR shares could emerge “as a core winner in the trillions of AI spend over the next few years.”
According to Dan Ives, the company’s artificial intelligence platform (AIP) continues to attract “unprecedented demand” from both government as well as commercial clients.
Earlier this month, Palantir announced a team up with The Nuclear Company – growing its AI footprint beyond defense and commercial analytics as well.
Wedbush Dubs PLTR Shares the ‘Messi of AI’
On the valuation front, Palantir shares do indeed look egregiously overvalued at a forward price-earnings (P/E) multiple of about 382x – well above Nvidia’s 40x at the time of writing.
Still, the Wedbush analyst recommended sticking with it as the Nasdaq-listed firm has a “golden path to become the next Oracle over the coming years.”
In his research note, Ives even called Palantir the “Messi of AI” – reiterating that it stands to benefit substantially from the artificial intelligence boom.
All in all, he expects the AI stock to climb further as the company’s AI solutions continue to “solve meaningful problems” for clients to boost customer conversions.
Wall Street Disagrees with Dan Ives on Palantir
Other Wall Street analysts, however, do not share Ives’ optimism on Palantir Technologies.
According to Barchart, the consensus rating on PLTR shares currently sits at “Hold” only, with the mean target of about $105 indicating potential downside of some 23% from current levels.
