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Analysts update Palantir stock price target 

Analysts update Palantir stock price target 

Palantir Technologies (NASDAQ: PLTR) has been an exciting but contentious stock throughout 2024. As one of the original major artificial intelligence (AI) companies, it is well-positioned to benefit from the ongoing AI boom.

The company also received significant tailwinds in late May from a new contact with the United States military and has indeed been on a rising, albeit indecisive, trend since.

Additionally, given that Palantir stock price today stands at $23.45 following a 1.29% rise during the last full trading session, PLTR appears poised to break above the crucial resistance level at $23.84.

PLTR stock YTD price chart. Source: Finbold

Nonetheless, expert analysis of the company’s stock market and business performance remains divided with some prominent analysts still expressing bearishness, while others are increasingly optimistic.

Experts set Palantir stock 12-month price target

The first of the most recent revisions – and a bearish one at that – came from experts at William Blair who, on June 7, decided to reiterate their previously assigned ‘underperform’ – ‘sell’ – rating.

On the very same day, Bank of America (NYSE: BAC), proved significantly more bullish as it reiterated its ‘buy’ rating for Palantir shares. Earlier this year, BAC set the PLTR price target at $28.

By mid-June, another veteran analyst, Stephen Guilfoyle came out as vehemently bullish on Palantir. According to the expert, the company is the leader when it comes to software and remains well-positioned thanks to its entanglement with the U.S. Army and Air Force.

Overall, Guilfoyle’s assessment of Palantir can only be interpreted as a ‘strong buy’ rating both thanks to its technological edge, and business positioning – particularly as it was accompanied by a price target increase from $29 to $31.

“Palantir is currently a top-10 holding for me,” he concluded.

Wall Street remains unconvinced by Palantir stock

Broadly, however, there remains significant uncertainty on Wall Street concerning PLTR.

Overall, Palantir’s stock is rated as a ‘hold’ on the stock analysis platform TipRanks. Indeed, out of 12 represented analysts, only 2 consider the stock a ‘buy.’ Simultaneously, 3 believe selling PLTR is the right call, while as many as 7 remain ‘neutral.’

PLTR stock analyst consensus. Source: TipRanks

Finally, while the most bullish experts see Palantir shares rising to $35 in 12 months’ time, the biggest bears believe it is likely to fall to $9 and, overall, PLTR is forecast to drop 6.19% to $22.11.

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