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- Palantir’s stock has surged 65.88% since October 2024, driven by strong earnings and revenue growth, surpassing market expectations.
- Despite a high forward P/E ratio of 156.35x, Palantir’s price-book ratio of 29.98x is comparable to industry peers, indicating reasonable valuation.
- Key support levels are at $40.90, with potential upward targets near $72, supported by strong bullish momentum and standard deviation price channels.
- I upgrade Palantir to a “buy” rating, contingent on maintaining momentum and avoiding significant retracements below $56.40 and $51.18.
When I last covered Palantir Technologies Inc. (NYSE:PLTR) on October 4th, 2024, with my article “Palantir: Considering Taking Profits“, I discussed the common arguments that the stock has reached a point of overvaluation and raised questions. The Income Machine is driven by market analysis from strategies covering more than two decades of trading experience successfully navigating through a broad variety of asset classes.
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