Palantir (NYSE:PLTR) stock is enjoying an artificial intelligence-fueled uptick today after Bank of America analysts raised their price target on the popular data analytics company. Indeed, according to BofA analysts, Palantir is in a “unique position” to capitalize on the “rising AI opportunity.”
In their recent note on Palantir, BofA analysts reiterated a “buy” rating while raising their price target on the company to $18 per share from $13.
Palantir’s advantage in the space is apparently the result of “its experience working with the government and highly regulated industries “amid growing legal, ethical, and regulatory concerns over the use of AI in business.” And BofA’s analysts point out that “PLTR has already developed and implemented the architectural design that supports generative AI in a compliant and private world.”
Palantir has proved one of the big winners of this year’s AI wave, a notion that clearly hasn’t gone over the heads of PLTR leadership.
“…the company has received more inbound interest in the last few weeks than in all of last year, all related to the recent launch of AIP (Artificial Intelligence Platform),” said Plantir CEO Alex Karp.
PLTR Stock Continues to Rise on Generative AI Potential
The analysts also disclosed insights made by current Palantir customers, who apparently believe PLTR may be as much as “five years ahead of the closest company,” further speculating that its newly launched Artificial Intelligence Platform (AIP) “could help PLTR further penetrate within existing customers and open up partnership opportunities.”
Reasonably so, PLTR is up a staggering 144% year-to-date, currently trending around $15.55 per share from $6 at the start of 2023. This comes largely from the Denver-based company’s growing presence in the AI field.
Indeed, the company’s recent AIP launch represents a novel use of machine learning and AI in data integration.
“AIP will allow customers to leverage the power of our existing machine learning technologies alongside…large language models, directly in our existing platforms,” Karp said.
“Palantir is positioned to be one of the dominate providers in generative AI by providing a near term solution, agnostic to a preferred LLM (large language model), compliant to tight security, data privacy and regulatory requirements, with demonstrated use cases across sectors,” BofA analysts stated.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
