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Investing.com - Wedbush has raised its price target on Palantir Technologies Inc . (NASDAQ:PLTR) to $160.00 from $140.00 while maintaining an Outperform rating. The stock, currently trading at $143.13, has delivered an impressive 403% return over the past year. According to InvestingPro data, 12 analysts have recently revised their earnings estimates upward for the upcoming period.
The research firm cited growing confidence in Palantir’s artificial intelligence strategy as key to the bull thesis playing out over the next 12 to 18 months, based on recent checks.
Wedbush believes Palantir has a "golden path to become the next Oracle (NYSE:ORCL)" over the coming years and views the company as a core winner in the trillions of AI spending expected over the next few years, despite its current expensive valuation.
The firm noted that Palantir’s AIP (Artificial Intelligence Platform) strategy is becoming a foundational platform for enterprises implementing AI use cases across various sectors, with new and existing customers "waiting in line" to sign up for multiple aspects of the company’s technology stack.
Wedbush stated the market is underestimating the potential $1 billion+ revenue stream that Palantir’s AIP US commercial business could develop into over the next few years, along with the company’s competitive technological advantages.
In other recent news, Palantir Technologies has announced several strategic partnerships and developments. Palantir reported a collaboration with Tomorrow.io to integrate advanced weather data into its platforms, enhancing decision-making across sectors like defense and infrastructure. This partnership aims to leverage Tomorrow.io’s AI models for hyperlocal weather predictions. Additionally, Palantir formed a significant partnership with Accenture (NYSE:ACN) Federal Services, designating Accenture as a preferred implementation partner for AI systems within U.S. federal agencies. This collaboration focuses on deploying AI solutions to optimize government operations, with Accenture training 1,000 professionals on Palantir’s platforms.
Palantir also partnered with The Nuclear Company to create an AI-driven system for nuclear construction projects, addressing challenges in nuclear plant construction through data-driven processes. This initiative is part of Palantir’s Warp Speed program, aimed at enhancing nuclear infrastructure. In a related development, OpenAI received a $200 million contract from the Department of Defense for AI prototypes, highlighting increased competition in the defense AI sector where Palantir is a key player. William Blair, an analyst firm, maintains a Market Perform rating on Palantir, noting potential competitive pressures. These developments reflect Palantir’s ongoing efforts to expand its technology’s reach across various sectors.
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