Palantir (PLTR) shares are rising on Monday after Argus Research began investigating the stock. The software services company has a buy rating along with a $29 price target, with the Argus analyst noting artificial intelligence as a potential catalyst for continued growth.
Yahoo Finance's Seana Smith and Madison Mills have more details.
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Video Transcript
Let's talk about Palant here.
Today, Wall Street is taking notice.
Argus Research initiated coverage on the company with a Buy recommendation with a target price of $29, slightly above the current share price.
Currently, Argus' price target indicates upside potential of just around 23% from the company's current share price.
Taking that into consideration.
Why on earth are they being a little bullish?
A lot of the bullishness around volunteering is around AI platforms, AI capabilities.
What exactly does that mean for the company going forward?
In other words, they are once again seeing increased profitability.
This is driven by the fact that our data management analytics platform is enabling us to scale our commercial division and provide solutions to complex business problems.
In other words, we expect demand for pier projects to increase further in the future.
That's right, they say defense is a potential bullish signal for the stock, and that's exactly what we think.
Josh Lipton spoke with Peuniet CEO Alex Karp about Karp's comments that AI technology will play a key role on the battlefield.
That's exactly what is mentioned in the artist notes.
The US defense and intelligence sector is one of Artist's major clients and is expected to remain so for the foreseeable future.
And this comes at a good time for the stock price.
For comparison, the stock is up more than 43% year to date and up 50% over the past year.
That means there's a good chance this record-breaking run for P will continue in the future.
