Citi raised its Palantir (NASDAQ: PLTR) stock price target from $245 to $250 and kept a “Buy” rating on the software company on Thursday, October 22.
The upgrade came as part of an earnings preview, and the bank now expects Palantir to post “strong upside” to estimates on U.S. government and commercial business ventures.
Representing roughly 24% upside from the last closing price of $201, the price target is among the most bullish Wall Street projections Palantir received over the past few months, the highest of which was Barclays’ $265.
Citi confirms Jim Cramer’s Palantir stock prediction
Interestingly, the figure comes in about a week and a half after CNBC host Jim Cramer said he saw Palantir at $250 too, reaffirming his long-standing bullishness on the firm.
“Some odd strength in WFC (owned by club) AMZN (owned by club ABBV, HD (owned by club) Berkshire, Disney and, of course, Palantir which you know I have said goes to $250-long-standing target… ,” Cramer said
While Cramer’s forecast seemed misguided, being followed by an 11% drop in PLTR share prices in just four days after his October 12 prediction, Citi’s new call suggests his prediction might have more to commend it.
Indeed, Palantir stock has recovered approximately 3.5% over the past five days, and it is now up 9% this month. Of course, the road to $250 remains long, but bullish endorsements such as the latest one by Citi are inspiring confidence ahead of the November 2 earnings report.
Wall Street moderately bullish on Palantir
More broadly, Wall Street appears moderately bullish on Palantir, with the average PLTR share price target of $212 for the next 12 months implying a 5.26% upside from the current levels, per TipRanks figures.
Most analyst calls in October have been “Buys,” with only Phillip Securities giving the stock a “Hold” rating. Accordingly, the software giant enjoys a Wall Street consensus of “Moderate Buy.”
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