Palantir Technologies (NYSE:PLTR) closed out Friday in the red, but the tech sector star just got a positive endorsement. Wedbush Securities has raised its price target on PLTR stock, boosting its prediction from $30 per share to $35. Despite some volatility this month, Palantir has been performing well overall. Its continuous success is a good indicator that the artificial intelligence (AI) boom is far from over.
In fact, it’s likely just getting started as AI leaders continue displaying impressive growth. Wedbush sees PLTR stock as having ample room to grow.
What’s Happening with PLTR Stock
Not all of Wall Street is so bullish on Palantir. Both Jefferies and Mizuho maintain “hold” ratings on PLTR stock, although the latter has raised its price target as well. But Dan Ives of Wedbush has been carefully watching the stock for some time and he sees it as a clear winner. Ives upgraded PLTR after the recent AIPCon conference, during which Palantir unveiled new customers. As he stated in a note to investors:
“With the AI Revolution now quickly heading towards the key use case and deployment stage, Palantir with its flagship AIP platform and myriad of customer bootcamps is in the sweet spot to monetize a tidal wave of enterprise spend now quickly hitting the shores of the tech sector in our opinion.”
Even if some experts are hesitant to tout Palantir’s growth prospects, the company’s performance speaks for itself. PLTR stock has soared nearly 65% over the past six months. Palantir’s dynamic reach across multiple sectors should make it a tempting play for investors who don’t mind a bit of volatility.
It’s also worth noting that Palantir recently added a new missile targeting contract from the U.S. military. Its history of working with both private- and public-sector clients helped make the company a winner before the AI boom began. Now it is poised for even more growth in 2024 and experts are starting to notice.
On the date of publication, Samuel O’Brient 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.
