Palantir downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Palantir to Outperform from Strong Buy with a price target of $18, up from $15. The firm remains enthusiastic about Palantir’s positioning in AI, but cites the more than 60% appreciation in shares since the early May Q1 earnings report for the downgrade. The recent run in shares coupled with a premium valuation make finding a catalyst more challenging in the near-term, the analyst tells investors in a research note.