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Palantir stock nosedives 14% after reported earnings

Palantir stock nosedives 14% after reported earnings
Jordan Major

Palantir Technologies, known for its advanced data analytics solutions, is facing a sharp decline in its stock price today, down nearly 15% in early trading, despite beating first-quarter earnings expectations. The company reported Q1 revenue of $634 million, surpassing the estimated $615 million.

Additionally, adjusted earnings per share (EPS) came in at 8.0 cents, slightly above the consensus of 7.9 cents. Adjusted EBITDA also exceeded forecasts at $234 million against an expected $205 million.

Despite these robust figures, shares of Palantir (NYSE: PLTR) have dipped significantly to $21.55, a fall of over $3 from the previous close. The market’s reaction seems paradoxical given the strong financial performance.

PLTR stock 1-day chart. Source: Finbold

Wall Street still bullish on PLTR shares

Analysts suggest that this could be attributed to management’s cautious outlook for the future, likely due to the uncertainties surrounding the first quarter of the fiscal year. Yet, the company’s annual growth target remains ambitious at 25%.

Bank of America has reaffirmed its confidence in Palantir, maintaining a price target of $28 and reiterating a ‘Buy’ rating. The financial institution’s stance is bolstered by Palantir’s promising Q1 results and potential for sustained growth.

Stock market expert Dan Ives has also expressed a positive outlook on Palantir, citing a significant 40% growth in the U.S. commercial sector.

According to Ives, the company’s success in scaling its artificial intelligence platforms (AIP) and converting deals at an accelerated rate is a testament to its strategic execution. He highlighted the “Messi of AI,” a metaphor indicating that Palantir’s leadership in AI innovation is akin to the most recent Ballon d’Or player for Inter Miami.

Ives has set a bullish price target of $35, underlining the company’s potential in the burgeoning field of artificial intelligence.

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