Palantir shares closed at a record high on Friday, driven by a general rise in technology stocks, while the market awaits the company's upcoming fourth-quarter earnings report
The Zhitong Finance App learned that Palantir Technologies (PLTR.US) stock price hit a record high on Friday, driven by a general rise in technology stocks, while the market is awaiting the company's upcoming fourth quarter earnings report.
Palantir shares rose 4.9% in Friday's session, hitting an all-time high of $85.22. The stock eventually closed up 1.56% to $82.49, breaking the previous closing record of $82.38. This increase was partly driven by strong earnings reports from Apple Inc. (AAPL.US). Apple's quarterly earnings that exceeded market expectations and optimistic revenue growth guidelines led to an upward trend in the entire technology sector.
Palantir is expected to release financial results for the fourth quarter and full year of 2023 after the US stock market closes on Monday. According to FactSet data, analysts expect fourth-quarter earnings of 11 cents per share and revenue of $0.776 billion; full-year earnings per share of 38 cents, with revenue of $2.8 billion. Palantir performed strongly in 2024, and its stock price increased by more than 300% during the year, making it one of the best-performing technology stocks in the market this year.
Investment bank Wedbush recently raised Palantir's target share price from $75 to $90 and maintained an “outperforming market” rating. Analysts said Palantir is benefiting from the market's “unprecedented demand” for artificial intelligence (AI) products and expects global AI spending to reach trillions of dollars in the next few years, and the company is expected to take a leading position in this trend. As Palantir is about to release its earnings report, investors will keep a close eye on the latest developments in its AI business, as well as management's expectations for future growth.
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