Palantir Technologies’ Price Target Raised at Citi
<p>Citi analysts increased their price target on <a href='https://financialmodelingprep.com/financial-summary/PLTR'>Palantir Technologies (NYSE:PLTR)</a> from $6.00 to $10.00 while maintaining their Sell rating ahead of the company’s Q2/23 earnings, which are scheduled to be announced today after the market close.</p>
<p>According to the analysts, the significant year-to-date rally of approximately 183% in shares lacks a substantial improvement in fundamentals and is likely driven by GenAI optimism, short-covering, and macro factors. Despite the expectation of increased customer engagement momentum, the analysts believe that large "GenAI" contracts are unlikely to materialize at this stage due to the company's product and pricing strategy still being in its early stages. Moreover, long-term secular and competitive concerns remain.</p>
<p>Heading into Q2 earnings, there is a mixed setup with additional SPAC-related bankruptcies pulling revenue recognition forward, potentially leading to a mechanical upside. However, this may not significantly impact full-year 2023 targets.</p>

NYSE:PLTR