Palantir: Rally Isn't Over Yet (Rating Upgrade)

Income Generator
10.7K Followers
(9min)

Summary

  • Palantir's stock has surged 65.88% since October 2024, driven by strong earnings and revenue growth, surpassing market expectations.
  • Despite a high forward P/E ratio of 156.35x, Palantir's price-book ratio of 29.98x is comparable to industry peers, indicating reasonable valuation.
  • Key support levels are at $40.90, with potential upward targets near $72, supported by strong bullish momentum and standard deviation price channels.
  • I upgrade Palantir to a "buy" rating, contingent on maintaining momentum and avoiding significant retracements below $56.40 and $51.18.

Palantir Technologies

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When I last covered Palantir Technologies Inc. (NASDAQ:PLTR) on October 4th, 2024, with my article "Palantir: Considering Taking Profits", I discussed the common arguments that the stock has reached a point of overvaluation and raised questions

This article was written by

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The Income Machine is driven by market analysis from strategies covering more than two decades of trading experience successfully navigating through a broad variety of asset classes. I am @PROSTOCKMARKETS on YouTube, which is where I maintain video updates for all of my trades and define important price levels for heavily traded assets.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PLTR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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