Palantir price target raised to $10 from $6 at Citi

Citi analyst Tyler Radke raised the firm’s price target on Palantir to $10 from $6 and keeps a Sell rating on the shares ahead of the Q2 report The stock has rallied 183% year-to-date despite lacking a “material inflection or improvement in fundamentals,” the analyst tells investors in a research note. The firm attributes the rally to short-covering and generative artificial intelligence optimism. Citi expects to hear signs of increased engagement and customer momentum, but believes large Palantir’s generative AI contracts are unlikely to be seen with the company’s product and pricing motion “still in the infancy stages.”