Early on Tuesday, June 16, Wolfe Research analyst Alex Zukin announced that his firm decided to upgrade its recommendation for the software giant Palantir (NASDAQ: PLTR) stock from the previous ‘Underperform’ – ‘Sell’ – rating.
According to the Wall Street expert, the firm boasts the best product-market fit among its peers and one of the fastest and largest growth rates in its industry.
Zukin highlighted Palantir’s business strength despite the relatively low customer and employee counts, while also highlighting that the recent figures support Wolfe Research’s base case revenue compound annual growth rate (CAGR) of 39% for fiscal years from 2026 to 2029, and the 55% in its ‘upside model.’
Furthermore, the analyst cited Ontology – the core operating system and semantic layer – as the software firm’s ‘secret sauce.’
Still, Alex Zukin also noted that the new rating does not indicate his firm sees Palantir as ‘too big to fail,’ but as ‘too big to ignore,’ thus justifying the upgrade to ‘Peerperform’ – ‘Hold’ – rather than to ‘Buy.’ Wolfe Research did not issue a 12-month price target on June 16.
Wall Street sets Palantir stock price for the next 12 months
Elsewhere, despite PLTR stock’s woes in the 2026 market, the equity boasts a bullish overall ‘Moderate Buy’ rating and an average $185.35 forecast for a 37.59% upside on the equity analysis platform TipRanks.
Looking at the extremes, the price target provided by Bank of America’s (NYSE: BAC) Mariana Perez Mora on June 8 represents the Street high as it foresees the software giant rising to $255.
On the other end of the spectrum, Brent Thill of Jefferies estimated that PLTR shares are a ‘Sell’ on May 5, and predicted the equity would crash to $70.
2026 Palantir stock price chart
Meanwhile, Palantir stock recorded substantial volatility since 2026 started and is, despite multiple stark rallies, 19.75% in the red year-to-date (YTD) at $134.71.
Notably, the company largely evaded the broader big tech upswing between late March and late May, but was, nonetheless, affected by the wider June sell-off, falling roughly 16% since the month started.
Still, the most recent turn was highly positive for Palantir stock as it soared 5.25% in the last session, and 0.31% in the Tuesday pre-market.
Featured image via Shutterstock
