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Key Takeaways
- Palantir Technologies shares dropped 6% Thursday after an analyst downgraded the stock, claiming artificial intelligence (AI) hype has left it with an “egregiously rich valuation.”
- Analyst Brian White at Monness, Crespi, Hardt & Co. lowered the stock’s rating to “sell” from “neutral,” writing it’s time to get “back to reality” after Palantir’s “meteoric rise on the Gen AI rocket.”
- Despite Thursday’s decline, shares of Palantir have gained nearly 39% year to date.
Shares of Palantir Technologies (PLTR) slumped 6% Thursday after an analyst at Monness, Crespi, Hardt & Co. downgraded the stock, claiming that artificial intelligence (AI) hype has left it with an “egregiously rich valuation.”
Analyst Brian White lowered the stock’s rating to “sell” from “neutral” with a 12-month price target of $20, saying it was overvalued because of excitement over the company’s position in the AI market.
White said that while the company could be well-positioned to gain from the long-term AI trend and take advantage of geopolitical volatility, “revenue from government-related contracts has proven lumpy, execution spotty, valuation excessive, and we believe the darkest days of this economic downturn are ahead of us.”
White wrote that “after a meteoric rise on the Gen AI rocket, back to reality.”
Despite Thursday’s 6% decline to $23.01, shares of Palantir Technologies are up close to 39% for 2024 so far.
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