Early on Wednesday, October 28, RBC Capital’s Rishi Jaluria came out as one of the few remaining bears on Palantir (NASDAQ: PLTR) stock ahead of the software giant’s third-quarter (Q3) earnings report, scheduled for Monday, November 2.
Overall, the Wall Street analyst considers PLTR shares exceptionally expensive relative to both the 2026 and 2027 revenue estimates, trading at sixty-one and forty multiples, respectively.
Additionally, the expert from RBC Capital assessed that the growing investor focus on dividends, buybacks, and stock splits can easily turn into a headwind as Palantir boasts a roughly $9 billion cash balance.
Finally, though the analyst highlighted that government activity at a time of heightened geopolitical tensions remains elevated, he also noted that the quarter-over-quarter (QoQ) contract revenue has been declining.
Given these factors, RBC Capital elected to reiterate its previous ‘Sell’ rating and $90 PLTR stock price target for the next 12 months – 53.59% below the press time price of $193.94 – as Palantir’s ‘risk/reward skews negative.’
RBC Capital an outlier among October Palantir stock bullish wall
Elsewhere, Jaluria is something of an outlier on Wall Street as the software giant is, overall, still regarded as a ‘Moderate Buy’ with eighteen positive, four ‘Hold’, and only two ‘Sell’ recommendations, per the data Finbold retrieved from TipRanks on October 28.
RBC Capital’s $90 forecast also stands in stark contrast to the average, which estimates that PLTR shares can rally 10.79% to $215.24 in the next 12 months.
This strong bullish bias is also evident in the notes provided in the last 10 days. Specifically, five out of the six – Jaluria being the sixth – analysts who shared their estimates within the timeframe rated Palantir stock as a ‘Buy’.
Rosenblatt Securities’ John McPeake proved both the most recent and most bullish among them since he issued a positive recommendation on October 28, while also hiking his price target from $225 to $260 – a 34.06% estimated upside from the press time price of PRICE.
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