Considering the magnitude of its move in recent months, Palantir (NASDAQ: PLTR) has remained a surprisingly contentious stock.
The tech giant has recorded a 386.67% rise since the start of 2024, is 233.98% in the green in the last six months, and even rose 24.81% in the last 30 days to its latest closing price of $80.69.
Despite such performance, analysts have remained surprisingly bearish, either with their forecasted price targets or, more explicitly, with the PLTR stock ratings.
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Analysts set PLTR stock 12-month price target
Specifically, data retrieved on December 24 from the stock analysis platform TipRanks reveals Palantir shares are considered a ‘hold.’ Furthermore, out of the 16 recent ratings, only two recommend PLTR stock as a ‘buy,’ eight are ‘neutral,’ and as many as six estimate selling is the right call.
The price targets tell a similar story. To begin with, the average 12-month forecast shows that Palantir equity is expected to drop 51.22% in 2025 from its press time price of $80.69 to $39.36.
Once Jim Cramer’s latest $100 2024 price target is disregarded – arguably a sound move as it was more a comment on investor sentiment than the result of thorough analysis – even the Street high forecast appears bearish.
Specifically, the $75 target assigned on November 25 by Wedbush’s persistent tech bull Dan Ives predicts, despite representing the Street high, a 7.05% downside.
Wall Street revises Palantir stock forecast
Zooming in on only the most recent reassessments reveals an even darker picture. Out of the four December revisions, two were accompanied by ‘sell’ ratings, and two were ‘neutral’ – there have been no new ‘buy’ ratings in the final month of 2024.
Of these, Baird – on December 12 – and UBS – on December 19 – provided the ‘hold’ recommendation, with the former predicting a fall to $70 and the latter a slight drop to $80.
Additionally, on December 13, Mizuho estimated selling PLTR shares is the right call as it predicted a 45.47% price collapse to $44, and on December 18, William Blair gave the same rating, albeit without a concrete price target.
Finally, it is worth pointing out that despite the bearish outlook, most analysts have been cautioning that Palantir is a strong company and stock, but that the magnitude of the rally that emerged from the inclusion in the S&P 500 index and the move to the Nasdaq exchange is not backed by metrics such as revenue and earnings.
Featured image via Shutterstock
