Will Palantir Technologies (PLTR) Hit $27 and above?

The company delivered impressive earnings results for the last quarter of 2023, surpassing analysts’ estimates on both revenue and earnings per share. The company also increased its full-year revenue outlook.

The company got a positive rating from Wedbush analyst Dan Ives, who started covering Palantir with an “outperform” rating and a $25 price target. Dan has recently upgrade the price target from $25 to $30.

The company commercial business side have been increasing significant, with more project won from the different commercial sectors. The company said that the demand for AIP is “unprecedented” and that it has already secured several contracts with customers from various sectors, such as healthcare, energy, defense, and manufacturing.

On the weekly chart, Palantir Technologies Inc.’s stock price has surpassed the 50 and 200-day moving averages, indicating bullishness. Moreover, RSI and MACD are also bullish on the weekly chart.

The RSI is in the overbought zone. The RSI value is 91.19. The 14 SMA value is 80.56, which means that Palantir Technologies Inc.’s price is bullish and is generating positive momentum.

Currently, MACD is bullish. The MACD value is 1.75 and the signal value is 0.76, and both are over the zero line, indicating that the MACD is positive and is showing bullish signs for now.

The Bollinger Bands for PLTR’s stock have an upper band of $25, a middle band of $16.72, and a lower band of $14.57. The stock’s price is over the upper band, indicating a bullish trend.

Palantir Technologies stock has displayed impressive performance and momentum. The stock is hitting new highs and breaking above the 50- and 200-day moving averages on both daily and weekly charts. The price, RSI, and MACD are all bullish, indicating a strong uptrend and a positive outlook.

However, the stock is already overpriced, but I would think that there are more potential as Palantir continue to get more commercial business deals.

Appreciate if you could share your thoughts in the comment section whether you think Palantir would be able to clear $30 level and go higher.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.