William Blair analyst Louie DiPalma notes that the Space Force had indicated that one of the reasons it awarded Palantir (PLTR) a one-year extension for its data analytics contracts was because Greystones Consulting Group had filed a protest that held up the transition process to ramp up the new 17 vendors on the program. The GAO dismissed the two protests filed by Greystones on July 18 and the Space Force had previously conveyed that the new awardees – which includes C3.ai (AI) and Oracle (ORCL) – will begin the process to obtain the needed specific security clearances and “recreate capabilities” currently performed by Palantir following the resolution of the Greystones process, the analyst tells investors. The firm, which argues that this is “significant as it will likely lead to disruption for Palantir’s third-largest contract in the second half of 2024,” has an Underperform rating on Palantir shares.
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