"Earlier in September, the company announced a new defense partnership with the U.K. government valued at £1.5 billion. In late July, it was announced that Palantir secured a $10 billion software and data contract with the U.S. Army. In May, the Trump administration rewarded a federal contract worth hundreds of millions to Palantir with the objective of creating a database on every U.S. citizen."
"When the company reported Q2 earnings on Aug. 4, it announced better-than-expected results. Palantir beat on earnings and revenue, with EPS of 16 cents versus 14 cents expected, and revenue of $1 billion versus $940 expected. Revenue rose 48% YoY and crossed the $1 billion mark for the first time. As a result, Bank of America raised its price target to $180 from $150, and Deutsche Bank upgraded the stock to "Hold" from "Sell" with a price target of $160, up from $80."
Shares of Palantir Technologies gained modestly over the past five trading sessions after a prior weekly drop, and the stock has delivered huge gains year-to-date and since its 2020 IPO. Palantir secured multiple large government contracts, including a £1.5 billion U.K. defense partnership and a $10 billion U.S. Army deal, plus other federal awards. Q2 results beat expectations with EPS of $0.16 and revenue of $1 billion, marking 48% year-over-year revenue growth and the first time revenue exceeded $1 billion. Major banks raised or upgraded price targets following the results. The market for data services is projected to grow significantly through 2028, and Palantir is identified as a major participant in that market.
Read at 24/7 Wall St.
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