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.
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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.’
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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