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D.A. Davidson impressed with Palantir following AIPCon event

Published 06/06/2023, 01:26 AM
Updated 06/06/2023, 01:26 AM
©  Reuters

© Reuters

Palantir Technologies Inc (NYSE:PLTR) held its AIPCon event in which it impressed analysts at D.A. Davidson, although the firm remains Neutral on the stock, with an $8.50 price target.

Analysts told investors in a note that they were impressed by the company's new platform and customer use cases that are already being developed.

"The event was well attended with the venue over capacity during the keynote presentations. Customer and partner conversations were generally positive as interest in AI remains elevated," the analysts wrote.

They noted that PLTR stock has jumped, following the momentum of interest in artificial intelligence, and now trades at nearly 13x EV/CY2023 revenue compared to 6x prior to its latest earnings.

"Overall, the vision Palantir presented was impressive though we came away with a sense that interest from customers is disconnected with what can be accomplished near term and expect a longer timeline to accelerated growth," they concluded.

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