Palantir: share price soars, as Q4 impresses

(CercleFinance.com) - Palantir Technologies shares soared by 30% on Tuesday in New York, following the publication of better-than-expected Q4 results and optimistic forecasts for 2024.


The predictive analytics software specialist announced its fifth consecutive quarter of profitability, reporting GAAP net income of $93m.

Sales rose by 20% to $608m.

In morning comments, Jefferies analysts hailed the company's performance as "impressive", and explained that they had upgraded the stock to "buy" in view of the take-off of its "AIP" artificial intelligence platform.

The broker added that the grouop's FCF target of between $800m and $1bn, announced for 2024, exceeded Wall Street estimates by 34%.

Wedbush Securities, which is maintaining its 'outperform' rating on the stock, has raised its target from $25 to $30, citing the commercial success of the Denver-based group, whose FCF should flirt with the billion-dollar threshold this year.

Meanwhile, BofA highlights the company's 'unique' positioning in 'accessible' AI, leading the broker to raise its target to $24, maintaining its Buy rating.

Mizuho's teams hail the company's encouraging momentum in AI, but also mention its 'uneven' operating performance, although this did not prevent them from raising their target price to $18.

HSBC - which believes that the company is well placed to benefit from the buoyant trends in AI in 2024, while benefiting from its good cost control - raises its target price from $21 to $22, maintaining its buy rating.


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