Palantir Technologies (PLTR) stock forecast received a boost from Morgan Stanley’s price target hike. Analyst Sanjit Singh of Morgan Stanley lifted the price target on PLTR stock to $115 from $95 yesterday, while maintaining his “Buy” rating. The revised price target implies an impressive 30.9% upside potential from current levels.
Singh’s Views on PLTR Stock
The analyst returned optimistic after hearing Palantir management’s upbeat outlook at the recent ICR (Investor Communications) conference. Singh is encouraged by Palantir’s better-than-feared outlook, with revenue growth potential of more than 30% in 2025. The big data and AI (artificial intelligence) analytics company has a bright future backed by a growing number of government and commercial contracts.
Interestingly, the analyst’s view on Palantir Technologies stock has changed drastically in just two months. In January, Singh had a “Sell” rating and $60 price target on Palantir stock. This was followed by an upgrade to a “Hold” rating accompanied by a price target hike to $95, following Palantir’s Q4 earnings results in February. Finally, yesterday, the analyst again raised the price target to $115.
What’s Next for Palantir Stock?
Notably, investors are concerned about a cut in defense budgets, which could impact Palantir’s growth prospects. Having said that, Palantir’s advanced suite of products, including Foundry, Gotham, Edge AI, and AIP continue to witness strong demand momentum owing to their superior AI capabilities.
Surprisingly, Palantir stock plunged when CEO Alex Karp announced that he would sell $1.23 billion worth of PLTR stock by September 12, 2025. The news became public as Karp adopted the Rule 10b5-1 trading plan with the U.S. Securities and Exchange Commission (SEC). However, investors fail to realize that with the latest plan, Karp has, in fact, drastically reduced his planned stock sale. Instead of his earlier plan to sell 48.9 million shares worth $6 billion, Karp will only be selling 9.98 million shares.
Is PLTR a Good Stock to Buy?
With Palantir Technologies’ stock already having gained over 272% in the past year, Wall Street prefers to remain on the sidelines. On TipRanks, PLTR stock has a Hold consensus rating based on four Buys, nine Holds, and five Sell ratings. Also, the average Palantir Technologies price target of $93.13 implies 6% upside potential from current levels.
