The firm assigned the company a “strong buy” rating and a $20 price target on Palantir shares. As a result of the initiation of coverage, PLTR stock closed the last trading session 3% higher. Even though the shares of PLTR are down more than 40% year-to-date (YTD), investors are hoping that the Q2 earnings report will propel the stocks higher after its release on 8 August.
PLTR charts and analysis
Over the last month, PLTR has been trading between $8.65 and $10.76, while currently remaining near the high of this range. The price action has seen the stock close above 20-day and 50-day Simple Moving Averages (SMAs) on slightly increased trading volume. Furthermore, the support line for PLTR has formed between $8.74 to $8.79, with the resistance line established at $20.08. Notably, TipRanks analysts rate the shares currently as hold, with an average next 12-month price target of $12.04, which is 14.78% higher than the current trading price of $10.49. Raymond James analyst Brian Gesuale further argues that the shares of PLTR are currently undervalued and have ample growth room. After everything is said and done, Raymond James market experts claim that the risk/reward profile of the company makes it worthwhile to invest in it due to a 75% drop in price since its peak in early 2021. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
