Palantir, amid an 'unprecedented AI hype cycle,' downgraded stock prices to sell.
Analysts downgraded Palantir Technologies Inc. (PLTR), a data analysis software manufacturer, on Thursday. The Palantir stock performed solidly in decline.
Moness Crespi Hardt & Company analyst, Brian White, stated,Palantir Technologies Inc. downgrades from hold to sell. Target stock price is $20.
In the report, the analyst said,"Against the backdrop of an unprecedented hype cycle for generative AI, Palantir will skyrocket in 2023, and the upward trend in stock prices will continue into 2024. The company is surprisingly overvalued."
Palantir stock to rise 43% in 2024.
On the stock market on Thursday, PLTR stock fell 6.1% and ended trading at $23.01. At the close of trading on Wednesday, Palantir stock had risen nearly 43% in 2024. However, the stock price has retreated from its high of $27.50 on March 7.
Palantir, which was founded in 2003, has already unearthed opportunities in AI with government customers for information gathering, counterterrorism, and military purposes. Now, Palantir aims to accelerate its growth in the commercial market using generative AI. This software maker is expanding into health care, energy, and manufacturing.
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182474008 : Will definitely go up to 150
Don't be fooled by incompetent analysts' mouths
They are not selling