By Sam Boughedda
Investing.com — Palantir Technologies Inc (NYSE:PLTR) stock has continued its decline Wednesday following its third quarter earnings report, which showed revenue grew 36% year-over-year but failed to match the previous two consecutive quarters of 49% growth.
Analysts were quick to reduce price targets and downgrade the stock. However, Morgan Stanley moved to increase its price target on Palantir.
Morgan Stanley analyst Keith Weiss raised the price target to $24 from $22, keeping an underweight rating. Weiss said the company delivered another beat versus consensus "across all key headline metrics."
However, the analyst told investors he sees "signs of slowing underneath the hood" after a slowdown in revenue and commercial growth, alongside the increased slowdown in the government segment. Both trends added fuel to the debate about the durability of Palantir's growth.
The company's stock is down 5% so far on Wednesday, after closing Tuesday's session down 9.35%.