Palantir downgraded to Hold at Argus on valuation

Argus downgraded Palantir (PLTR) to Hold from Buy. The company has been dramatically improving its profitability and cash flow over the past year, but shares have about tripled in value this year and may be getting ahead of what the company fundamentals can support, the analyst tells investors in a research note. Palantir also specializes in catering to a small segment of organizations with highly complex IT challenges, which could lead to uneven results that the market tends to punish in highly valued Tech stocks, the firm added.