Palantir Technologies experienced a significant increase in its stock price, rising by 7% in early trading. This surge is attributed to Wall Street's positive response to the company’s recent earnings report, leading several banks to increase their price targets significantly. Notably, Citi raised its target from $42 to $110, citing robust growth in U.S. commercial bookings. Additionally, the integration of Grok into Palantir's AIP product and overall market momentum have contributed to heightened investor interest and confidence in the company's future performance.
After Palantir surpassed earnings expectations on Monday night, many Wall Street banks were capitulated and raised their price targets by significant amounts.
Citi highlighted that Palantir's booking looked especially strong. The company recorded triple-digit growth in its U.S. commercial bookings.
Bank of America took their price target up to $125 from a prior target of $90.
We called Palantir earlier this year - naming it an AI Moonshot with the Potential to 10X in our report named 'The Next NVIDIA.'
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