Palantir (NYSE:PLTR) stock is trending on social media and was up about 2% in premarket trading after the company announced that it would partner with Elina Svitolina, a Ukrainian tennis star.
Svitolina is one of Ukraine’s most well-known tennis players and won the country’s first Olympic medal in tennis.
More About the Partnership
Calling Svitolina a “humanitarian,” Palantir stated that the arrangement “deepens Palantir’s commitment to supporting Ukraine and its ongoing efforts to resettle refugees, document war crimes and facilitate additional reconstruction projects.”
Palantir added that its sponsorship of the tennis star will support her foundation. The organization is assisting “young Ukrainian tennis players and their families by relocating them to European tennis academies and helping them safely chase their tennis dreams,” PLTR stated.
Svitolina is working to remedy the damage being done to her country by the war.
Banks Diverge on PLTR Stock
On June 20, investment bank Raymond James downgraded PLTR to “outperform” from “strong buy,” citing valuation after the name’s rally over the preceding six weeks. However, the firm also raised its price target on PLTR to $18 from $15.
Raymond James expects the company’s fundamentals to bottom this year and predicts that its shares will get a lift from the company’s use of artificial intelligence (AI).
Conversely, Bank of America expressed bullishness about PLTR stock, contending that the firm was in a “unique position” to exploit AI. The bank believes that the company’s ability to develop a highly “compliant” AI-based solution will give it an important competitive advantage going forward. The bank raised its price target on the shares to $18 from $13.
PLTR’s Price Action
In the last month, PLTR is up 5%, but it soared 87% in the previous three months.
On the date of publication, Larry Ramer 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.
