A favorable statement from Bank of America prompted Palantir Technologies Inc. (PLTR), a provider of data analysis solutions, to increase its shares by 5.7 percent to $8.71 on June 21.
Palantir’s shares may have strong bullish momentum, according to Bank of America analyst Mariana Perez Mora. Particularly, there is a raising need for data protection systems that incorporate components of artificial intelligence (AI).
Palantir’s revenues are rising concurrently in both the sector of solutions for commercial and government enterprises. Mariana Mora asserts that Palantir Technologies Inc. (PLTR) is a pioneer in ad hoc data analytics and is capable of exceeding its long-term revenue growth objective of at least 30% annually.
In light of this, Bank of America increased its buy rating and boosted the price objective on PLTR shares to $13.
The anticipation of a rise in the number of orders from defense and other government agencies in the United States and its allies is the key optimistic forecast. For decades, military experts have discussed cyber warfare, and now those concerns have grown.
Additional precautions will be made to preserve data because it is a strategic asset. One of the biggest winners from this trend will be Palantir Technologies Inc. (PLTR).
Additionally, Palantir’s commercial division is expanding quickly. Palantir Technologies Inc. (PLTR)’s overall revenue for this market increased by 54 percent YoY in the first quarter, and in the US market, it increased by an even more astounding +136 percent.
The price of PLTR shares significantly dropped during the indexes’ collapse. Prices have dropped by 52% since the start of the year, but the stock is still trading 35% above its 52-week low.
The price of PLTR stock has fluctuated between $7.58 and $9.28 during the past five days, gaining a total of +15.22 percent. This stock has had a +11.51 percent movement over the last month of trading, moving in a range from $7.37 to $9.42. This stock’s price has moved by -32.10 percent during the last three months, fluctuating between $6.44 and $14.86.