Palantir downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Brian Gesuale downgraded Palantir Technologies to Market Perform from Outperform without a price target. The firm remains “enthusiastic” about Palantir’s longer term positioning in artificial intelligence, but downgraded the shares given its view that the stock “needs to consolidate stellar gains over the last couple of years and grow into its rich valuation.” Palantir shares have appreciated over 120% year-to-date and six-fold over two years, the analyst tells investors in a research note. Raymond James says the stock’s valuation has expanded five-fold , making it the richest software name.