Palantir selloff overdone despite unsuccessful SPAC strategy, says BofA

BofA analyst Mariana Perez Mora notes that Palantir reached a new low of $6.31 amid increasing market concerns about software infrastructure spending, news articles criticizing the company’s unsuccessful SPAC-investment strategy, and sell-side consensus downgrades. While admitting Palantir’s SPAC investments strategy "seemed to be poorly timed" and hasn’t met its investment objectives thus far, Perez Mora said the selloff – which puts the stock down 65% year-to-date – has been overdone. The analyst keeps a Buy rating and $14 price target on Palantir shares.