Michele Noi
Palantir Technologies (NYSE:PLTR) actions increased by almost 2% in premarket trading Friday after Wedbush Securities raised its price target on the enterprise software company following the AIPCon conference.
“Our recent checks on Palantir in the field have been increasingly optimistic we believe the AIP Foundation is being viewed by many US companies as the ‘launching pad for AI use cases,’” analyst Dan Ives wrote in a note to clients.
“With the AI revolution quickly moving into the key use case and deployment phase, Palantir, with its flagship AIP platform and myriad customer bootcamps, is well positioned to monetize a wave of corporate spending that is now rapidly reaching the shores of the tech sector in our view.” Ives reiterated his Outperform rating and raised his price target to $35 from $30.
The recent agreement with the US Army for the TITAN project is just the beginning, as the company’s AI platform represents a “game changer,” Ives said.
“In times of mind-blowing business with customers we’ve spoken to over the last few months fully and completely integrated within 1-4 weeks of document signing, an impressive feat that speaks to PLTR’s AI vision now taking place in the field, ” Ives explained. “Palantir continues to pioneer and guide customers in deploying products, optimizing workflows and producing operational results at industry-leading rates while incorporating privacy-protecting features.”