Palantir continued to soar on the New York Stock Exchange on Friday, with Wedbush once again raising its price target on the predictive analytics specialist, which it sees as a big winner in the development of AI.
In a research note, the American broker says it is increasingly optimistic about 'AIP', the American group's AI platform, and the favorable reception it is receiving from customers, a success illustrated in its view by the enthusiasm that characterized the AIPCon conference held this week.
In this context, its price target has been raised from $30 to $35, with an opinion maintained at 'outperform'.
Wedbush - which considers Palantir to be the 'Lionel Messi of AI' - praises the company's strong portfolio, which it expects to carve out a good share of an AI market it estimates to be worth some $1,000 billion.
According to the broker, Palantir's solutions should help companies and governments alike to implement efficient platforms to automate their most complex workloads.
This week, the Denver-based company won a $178 million contract from the US Army as part of the 'Titan' project, designed to automate target detection and geolocation.
At around 11:00 a.m., the stock was up 1.2%, after having gained up to 3% at the start of the session, compared with a 0.4% gain for the S&P 500. Since January 1, the share price has surged by over 55%.
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Palantir Technologies Inc. is engaged in building software to assist in counterterrorism investigations and operations. It has built four principal software platforms, including Palantir Gotham (Gotham), Palantir Foundry (Foundry), Palantir Apollo (Apollo), and Palantir Artificial Intelligence Platform (AIP). Apollo is a cloud-agnostic, single control layer that coordinates ongoing delivery of new features, security updates, and platform configurations, helping to ensure the continuous operation of critical systems. Gotham enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants. Foundry transforms the ways organizations operate by creating a central operating system for their data. AIP enables responsible artificial intelligence (AI)-advantage across the enterprise by using primary, core components built to effectively activate large language models (LLMs) and other AI within any organization.