Bank of America Analyst Raises Palantir Price Target After Major Defense Contract Win

Bank of America's Mariana Perez raised their price target on Palantir (NYSE: PLTR) by 16.7% from $24 to $28 on 2024/03/06. The analyst maintained their Strong Buy rating on the stock.

According to Perez, Palantir's recent contract win with the U.S. Army for the production of a next-generation targeting node, known as TITAN, marks a significant milestone for the software company. This is the first time a software company has been named the prime contractor on a "hardware" production program, signaling a shift in the Department of Defense's procurement strategy.

Perez believes that this contract win demonstrates that the Department of Defense is "embracing changes" and entering "a new era of procurement." The analyst added, "This win cemented Palantir as the AI Prime in the world of Defense."

Currently, 40% of top-rated analysts rate PLTR as a Strong Buy or Buy, while 60% see it as a Hold. No analysts recommend or strongly recommend selling the stock. These ratings indicate a generally positive sentiment among analysts towards Palantir.

In terms of stock performance, PLTR has seen significant growth in recent months. Since its last quarterly report on 2023/12/31, the stock price has surged by 52.4%. On a year-over-year basis, PLTR has risen by an impressive 215.9%. These gains have outpaced the broader market, with PLTR outperforming the S&P 500, which has grown by 26.1% during the same period.

Mariana Perez, the Bank of America analyst who raised Palantir's price target, is ranked in the top 37% of Wall Street analysts by WallStreetZen. With an average return of 36.7% and a 50% win rate, Perez specializes in the Industrials and Technology sectors.

Palantir Technologies Inc., founded in 2003 and headquartered in Denver, CO, is a leading provider of software platforms to the U.S. intelligence community. The company's flagship platform, Palantir Gotham, enables users to uncover hidden patterns within datasets, aiding in counterterrorism investigations and operations. Palantir's software also facilitates the exchange of information between analysts and operational users, enabling real-world responses to identified threats.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.