Palantir Technologies (NASDAQ:PLTR) is on track to become a big name in AI stocks. And it’s that new connection that’s firing up a whole sector of investors to flood into Palantir stock. Palantir was up over 8.5% in Monday afternoon’s trading session, mainly due to a combination of that new connection and Wedbush Securities’ willingness to point out that growing connection.
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Wedbush, via analyst Dan Ives, pointed out that the “Fourth Industrial Revolution” was well under way, and Palantir was positioning itself well to take advantage of that growing trend. In fact, Ives noted, Palantir was on its way to being a “pure-play AI name,” which would go a long way toward taking its current expertise and reframing it in a fashion that would bring customers in, ready to buy Palantir services.
Ives actually went farther than that, noting that Palantir was on track to hit $25 per share, thanks to what Ives called a “fortress” in artificial intelligence. With this fortress under its control, Palantir will ultimately prove one of the leaders in AI over the next several years. This shows that the strategy engaged in by Alex Karp, Palantir’s CEO, is paying off. Karp even went so far as to write an op-ed piece for the New York Times noting that artificial intelligence will drive political events this century the way nuclear weapons drove them in the last.
Analysts, however, are less convinced. With three Buy ratings, six Hold and four Sell, Palantir stock is considered a Hold by analyst consensus. Further, with an average price target of $13.13, Palantir stock comes with a 31.9% downside risk.