Wedbush analyst Dan Ives has reaffirmed a $75 price target for Palantir Technologies, emphasizing strong growth potential as the AI revolution unfolds.
During a CNBC segment, Ives argued that the market undervalues Palantir's capabilities, particularly in software solutions that could generate billions in revenue, positioning the company as a future leader akin to Oracle.
Despite the stock's current price of around $65, Ives remains optimistic about Palantir's growth trajectory. He noted that the company's advancements in AI and software are unmatched, stating, "The haters will continue to hate. They are still underestimating when it comes to the software, the use cases."
Palantir's Advanced Intelligence Platform (AIP), launched in April 2023, integrates advanced AI features into its Foundry and Gotham platforms, aimed at enhancing decision-making in sectors like defense and intelligence.
Ives' endorsement comes as Palantir's stock has surged nearly 290% year-to-date, with a pivotal year for AI implementation anticipated in 2025. While some analysts have raised concerns about Palantir's valuation, the company reported a 30% year-over-year revenue increase in its third-quarter earnings, fueled by strong AI demand.
Palantir's stock closed at $64.65, up 0.47% during regular trading, although it fell 1.24% in after-hours trading.