Amidst the rise in business demand for Artificial Intelligence (AI) propertyWedbush analyst Daniel Ives maintained a positive outlook on Palantir Technologies Inc. (NASDAQ: Picture of PLTR).
On June 24, Ives reiterated a ‘Buy’ rating on Palantir stock and set a 12-month price target of around $230. Thus, it indicates that Palantir stock can rise by 98.72% in the near future, since PLTR shares traded at about $115.74 at press time.
This expectation is based on Palantir Technologies’ depth in the AI business. Ives said that PLTR’s stock performance is also boosted by the company’s partnership with Zeta Global Holdings Corp. (NYSE: ZETA), which is expected to generate more than $100 million for Zeta over the next few years.
Ives he emphasized that the broader market may still not fully appreciate the value that Palantir brings to the table. According to the analyst, the partnership emphasizes Palantir’s position at the forefront of the AI construction industry by enabling seamless communication between customer intelligence in the emerging world of AI.
This view is echoed by Palantir CEO Alex Karp. He recently he realized that business customers are increasingly “unhappy” with frontier AI labs, which they say focus more on “tokenmaxxing” than solving real business problems. Palantir’s CEO added that nearly every company Palantir operates in private has expressed frustration with the lab’s lack of understanding of their operations.
Palantir Stock Exchange’s opinion
Following Ives’ views on Palantir stock, the average Wall Street price of PLTR at the time of publication was $185.35, according to TipRanks’ data.
On Wednesday, Palantir stock traded at around $115.74, down more than 31% year-to-date (YTD).
Therefore, PLTR’s stock price may rise again in the near future, boosted by strong opinions from Wall Street analysts and strong fundamentals.
