Palantir (NASDAQ:PLTR) stock, already up 64% in 2024, could easily jump another 64% or more, according to Wedbush analyst Dan Ives.
Ives is a bullish tech analyst who likes to . During the artificial intelligence (AI) boom, he has been spot on about many tech stocks.
He said the Big Data military software contractor’s stock from its July 18 opening price of $28.41 per share. Palantir now has a market capitalization of $63 billion with an expected 2024 revenue of $2.3 billion.
What Dan Ives Believes
As InvestorPlace’s Samuel O’Brient wrote recently, Palantir trades for less than its peers in the AI space. Its software is now heavily used by the . It has also developed civilian niches in cybersecurity, energy, and hospital scheduling.
Ives is very bullish on AI. He last raised Palantir’s price target in February, after December quarter results beat expectations, especially on the commercial side.
Skeptics say Palantir’s software is proprietary and that there are limits to growth in military contracting. Mizuho downgraded Palantir to a “sell” rating , questioning its multiple of 27 times sales.
During the second quarter Palantir continued to rake in military contracts. The most important was a $100 million/year deal for its , which uses classified data. It’s designed to integrate with third-party software and bring those innovations . The company also won using its software.
On the commercial side, Palantir signed a deal with Oracle (NASDAQ:ORCL) during the quarter to on Oracle’s Cloud Infrastructure. Palantir already had a with Microsoft (NASDAQ:MSFT).
PLTR Stock: What Happens Next?
Ives has been right for a long time, and he could be again, especially if Palantir’s growth accelerates when it announces earnings on Aug. 5.
As of this writing, Dana Blankenhorn had a LONG position in MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
