Palantir (NYSE:PLTR) stock is on the move Tuesday after Raymond James analysts downgraded the big data company’s shares.
This has the Raymond James analysts dropping PLTR stock from a “strong buy” rating to an “outperform” rating. While a downgrade, that’s still bullish compared to the analysts’ consensus “hold” rating based on 17 opinions.
Additionally, the 12-month price target for PLTR stock was increased from $15 per share to $18 per share alongside that downgrade. That’s about a 10.4% upside compared to its prior closing price. For comparison, the analysts’ consensus price target is sitting well below that at $8.25 per share based on 12 opinions.
What’s Behind the PLTR Stock Downgrade?
Here’s what the Raymond James analysts said about PLTR stock in a note to clients obtained by Investing.com:
“The recent run in shares coupled with a premium valuation make finding a catalyst more challenging in the near term while our LT enthusiasm for AI and Palantir‘s positioning support our Outperform rating.”
The new analyst coverage has PLTR stock on a wild ride today. The company’s shares initially climbed, likely as investors reacted to the increased price target. However, the downgrade finally kicked in, with shares dropping 2.2% as of this writing.
This movement comes alongside some 31 million shares of the stock changing hands. That’s still a far way off from the company’s daily average trading volume of about 65.6 million shares.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the latest stock market coverage that traders need to know about on Tuesday! That includes why shares of Rivian (NASDAQ:RIVN), Alibaba (NYSE:BABA), and Dice Therapeutics (NASDAQ:DICE) stock are on the move today. You can read up on all of these matters at the following links!
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On the date of publication, William White did not have (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.
