Jim Cramer reaffirmed his bullish stance on Palantir Technologies Inc. (NASDAQ:PLTR) on Thursday, maintaining his $200 price target despite acknowledging that Salesforce Inc. (NYSE:CRM) CEO Marc Benioff recently won business from the data analytics company.
Cramer Praises Palantir CEO Alex Karp
When asked about Palantir’s recent pullback, CNBC’s “Mad Money” host Cramer expressed continued confidence in the stock and CEO Alex Karp.
“Alex Karp’s a scholar and a gentleman, a sweet guy. I just like him. I want to put him on my fantasy team,” Cramer said. “Yes, Mark [Benioff] did win some business from Mark [sic]. But you know what? Palantir I still think it’s going to $200.”
The comments come as Palantir trades at $156.14, giving Cramer’s target a potential 28% upside from current levels.
Cramer’s track record has faced scrutiny from contrarian investors. The Inverse Cramer Tracker ETF (SJIM), which bet against his recommendations, was liquidated in February 2024 after its portfolio manager said the fund accomplished its mission of highlighting “the danger of following TV stockpickers.”
Salesforce Wins Army Contract Battle
Benioff recently told podcast host Harry Stebbings that Salesforce secured a major U.S. Army contract, defeating Palantir in the process. Despite this competitive loss, Cramer’s bullish thesis remains intact, citing his personal admiration for Karp’s leadership.
The endorsement follows previous statements where Cramer linked Palantir’s prospects to MongoDB Inc. momentum, suggesting strong database and AI sector demand would benefit both companies.
Stock Performance Amid Valuation Concerns
Palantir shares have surged 107.66% year-to-date and 417.71% over the past year, making it a standout performer despite recent volatility. The stock hit a 52-week high of $189.46 before pulling back to current levels.
Short-seller Andrew Left‘s Citron Research has targeted the stock as “beyond overvalued,” arguing it wouldn’t be reasonably priced until falling to the “$40-$50 range.” Left previously criticized Cramer’s promotional stance on the stock as “negligent” to investors.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
