Palantir Technologies Stock Offers Limited Upside After Breakout 2024, Morgan Stanley Says

MT Newswires Live01-07

Palantir Technologies (PLTR) appears to offer limited upside after a breakout 2024 in which the stock appreciated by 340%, Morgan Stanley said in a note Monday.

According to the firm, Palantir's stock is already pricing in the company's recent successes which include better-than-expected US commercial traction, US government deal momentum, and expense discipline over the past 18 months.

"While acknowledging this positive inflection and looking for ways to get more constructive on shares, the lack visibility of material estimate revisions leaves Palantir trading too far ahead of the company's intrinsic value to justify a rating upgrade," the firm wrote.

Morgan Stanley noted that Palantir's market-leading capabilities had helped the company become one of the early winners in the artificial intelligence era, but noted it may be difficult for the company to sustain its current level of momentum.

The firm assumed coverage of the stock at underweight with a $60 price target.

Palantir shares were down more than 5% in recent trading.

Price: 75.59, Change: -4.30, Percent Change: -5.38

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