With its inclusion in the S&P 500 index, Palantir Technologies Inc. (NASDAQ:PLTR) is entering a new phase that will likely attract a new wave of investors and long-term capital, according to Bank of America.
On Tuesday, the investment bank reiterated a Buy rating and raised the price target for the data analytics and artificial intelligence firm from $30 to $50, as "S&P 500 inclusion provides a watershed moment" for institutional investors.
"We think that becoming a member of the S&P 500 could be highly beneficial to PLTR's stock volatility. We think that the inclusion would attract more institutional investors, both passive and active," wrote Mariana Perez Mora, an analyst at Bank of America.
Strong Financials, Strategic AI Leadership
Palantir has become a key player in artificial intelligence, leveraging its deep ties with both government and commercial sectors. Bank of America's revised $50 price target reflects a new valuation approach, which rolls estimates forward to 2026.
This leads to a projected enterprise value of $116 billion, propelling Palantir closer to the top 100 companies in the S&P 500 (from its current ranking in the 165th range).
Mora explained that the elevated multiple derived from the updated price target is justified by Palantir's position in national security, its leadership in AI platforms, and its opportunistic partnerships.
She also stressed the company's strong balance sheet, particularly its $3.9 billion net cash position, as a sign of financial strength that sets Palantir apart from competitors.
A Misunderstood Giant in AI
Bank of America draws attention to a significant market underestimation of Palantir's future potential, likening it to AT&T Inc.'s (NYSE:T) early misjudgment of the mobile phone market in the 1980s.
"In 1980, AT&T hired a consultancy company to estimate the market size for cell phones by 2000. The study suggested there would only be 900k users. The actual number of mobile subscriptions in 2000 was more than 100 million," the report stated.
The analogy underscores how early forecasts often miss the mark on disruptive technologies. Similarly, Palantir's advanced AI capabilities, particularly its Foundry platform, are seen as a vastly underappreciated asset.
Foundry is designed to make data not only accessible but actionable, transforming decision-making processes across various industries.
Bank of America's bullish outlook on Palantir is also supported by its expanding list of partnerships. The company is working closely with major corporations and government agencies, including PwC, Jacobs, Accenture, and Airbus, to broaden its customer base.
"We see Palantir as a beneficiary of rapidly growing demand for Artificial Intelligence (AI)-platforms in both commercial and government end-markets," the report stated.
Shares of Palantir traded 0.4% lower by 11:15 a.m. ET on Tuesday, after rallying as much as 14.1% a day earlier.
Within the software-related industry, as tracked by the iShares Expanded Tech-Software Sector ETF (NYSE:IGV), Palantir ranks third in year-to-date returns, rising 100%, behind Zeta Global Holdings Corp. (NYSE:ZETA), which skyrocketed 187%, and AppLovin Corp. (NYSE:APP), which surged 116%.
美國銀行表示,隨着被納入標準普爾500指數,Palantir Technologies Inc.(納斯達克股票代碼:PLTR)正在進入一個新階段,這可能會吸引新一輪的投資者和長期資本。
週二,該投資銀行重申了買入評級,並將這家數據分析和人工智能公司的目標股價從30美元上調至50美元,因爲 「標普500指數的納入爲機構投資者提供了一個分水嶺」。
「我們認爲,成爲標準普爾500指數的成員可能對PLTR的股票波動非常有利。我們認爲,納入將吸引更多的被動和主動機構投資者。」 美國銀行分析師瑪麗安娜·佩雷斯·莫拉寫道。
強勁的財務狀況,人工智能的戰略領導力
Palantir利用其與政府和商業部門的深厚關係,已成爲人工智能領域的關鍵參與者。美國銀行修訂後的50美元目標股價反映了新的估值方法,該方法將估值向前推遲至2026年。
這使Palantir的預計企業價值達到1160億美元,使Palantir更接近標準普爾500指數的前100家公司(目前排名第165位)。
莫拉解釋說,Palantir在國家安全領域的地位、其在人工智能平台中的領導地位以及其機會主義合作伙伴關係證明了更新的目標股價所帶來的倍數上升。
她還強調了該公司強勁的資產負債表,特別是其39億美元的淨現金狀況,這表明了Palantir在競爭對手中脫穎而出的財務實力。
被誤解的 AI 巨人
美國銀行提請注意市場對Palantir未來潛力的嚴重低估,將其比作At&T Inc.(紐約證券交易所代碼:T)1980年代對手機市場的早期錯誤判斷。
「1980年,At&t聘請了一家諮詢公司來估計到2000年手機的市場規模。該研究表明,只有90萬用戶。報告指出,2000年的實際移動訂閱量超過1萬人。」
這個比喻凸顯了對顛覆性技術的早期預測往往不合時宜。同樣,Palantir的先進人工智能能力,尤其是其Foundry平台,被視爲一項被嚴重低估的資產。
Foundry旨在使數據不僅可訪問而且可操作,從而改變各個行業的決策流程。
美國銀行對Palantir的看漲前景也得到了其不斷擴大的合作伙伴清單的支持。該公司正在與包括普華永道、雅各布斯、埃森哲和空中客車在內的各大公司和政府機構密切合作,以擴大其客戶群。
報告指出:「我們將Palantir視爲商業和政府終端市場對人工智能(AI)平台需求快速增長的受益者。」
截至美國東部時間週二上午11點15分,Palantir的股價下跌了0.4%,此前一天上漲了14.1%。
根據iShares擴張科技軟件板塊ETF(紐約證券交易所代碼:IGV)的追蹤,在軟件相關行業中,Palantir的年初至今回報率排名第三,增長了100%,僅次於飆升187%的澤塔環球控股公司(紐約證券交易所代碼:ZETA)和飆升116%的AppLovin公司(紐約證券交易所代碼:APP)。