Palantir Technologies (NYSE:PLTRInvestment firm Wedbush Securities said he was the Lionel Messi of artificial intelligence, alluding to the Argentinian football superstar.
“The company remains well-positioned to take advantage of strong business and government spending tailwinds through the end of 2024,” Wedbush said. analysts led by Dan Ives wrote in their research. “PLTR will capture an impactful share of this global AI opportunity as businesses and governments seek to increase efficiency while automating complex workflows.”
Palantir (PLTR) Stock Increased by more than 4% Friday, plus Thursday’s 20% appear after reporting strong third-quarter results and raising guidance.
Wedbush explained that the Denver, Colorado-based company is seeing increasing demand for its product portfolio from both government and commercial sectors, with a 34% increase in customer numbers.
“As businesses and governments explore how to capture value after deploying artificial intelligence, the company has demonstrated the ability to accelerate larger transactions with shorter conversion times,” the analysts added. Wedbush maintains an outperform rating on the stock , with a target price of $25.
Palantir (PLTR) posted its fourth consecutive quarter of positive GAAP growth and continued focus on R&D investments as its cash position was strong, with free cash flow hitting $140.8 million, beating Wall Street expectations of $113.4 million, boosted by solid cost management reached this number.
Total revenue came in at $558.2 million, above the company’s guidance range, as its artificial intelligence platform continued to gain momentum by signing a new logo while expanding partnerships with existing customers.
Palantir also raised its fiscal 2023 revenue and operating income guidance and now expects sales to be in the range of $2.216B to $2.22B, above the consensus estimate of $2.21B.