Palantir Technologies Inc (NYSE:PLTR) shares are trading lower Tuesday. Raymond James downgraded the stock, representing the latest analyst update in a series of analyst changes this month.
What To Know: Raymond James analyst Brian Gesuale downgraded Palantir from a Strong Buy rating to an Outperform rating and raised the price target from $15 to $18.
Last week, BofA Securities analyst Mariana Perez maintained Palantir with a Buy rating and raised the price target from $13 to $18.
At the beginning of the month, Goldman Sachs raised its price target on Palantir from $9 to $10 and Jefferies raised its price target from $10 to $14.
Palantir shares have more than doubled since the start of the year, largely driven by the company’s positioning in the artificial intelligence space.
The rally accelerated last month after the company reported better-than-expected quarterly results and guided for continued profitability in each quarter of 2023, noting that it has been seeing strong demand for its new AI platform.
Palantir also held its first ever AIPCon at the start of June. At the time, CEO Alex Karp noted that the company has been seeing unprecedented demand for its AI products in recent months. To put the demand in perspective, he said Palantir has received as many calls in one month as it previously received in a year.
Check This Out: Palantir-Backed Faraday Future Defers Delivery Timelines, Cites Supplier’s Timing Constraints This Time
PLTR Price Action: Palantir shares are up more than 150% year-to-date.
The stock was down 1.72% at $16.02 at the time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
