Shares in Palantir Technologies rose higher today after a leading analyst expressed optimism about the company’s prospects under President Trump’s cost-cutting drive. Four-star TipRanks-rated analyst Daniel Ives of Wedbush reiterated his outperform rating on the stock and set a price target of $120.
Ives cited Palantir’s “unique software value proposition” as a key factor in its potential success, particularly in the more streamlined government spending under Trump. Despite concerns about the impact of Trump’s five-year cost-cutting plan, Ives believes that Palantir is well-positioned to benefit from increased efficiency at the Pentagon.
The analyst notes that high-priority contracts attached to Palantir are unlikely to be cut, and that the company’s exposure to US government budgets could actually work in its favor. This positive outlook has led to a significant improvement in Palantir’s stock price, with shares now trading at $93.13, representing a 4.11% upside from its consensus price target.
Investors may view this development as a relief, following the company’s recent plunge in value since hitting a record high on February 18. With a Hold consensus on TipRanks, Palantir stock’s future direction will be closely watched by investors and analysts alike.
Source: https://www.tipranks.com/news/shares-in-unique-palantir-pltr-rise-on-hopes-it-can-deflect-trump-cost-crunch