2024-03-28 07:42:41 | Monness downgrades Palantir to Sell on 'egregiously rich' valuationMonness Crespi downgraded Palantir Technologies to Sell from Neutral with a $20 price target. The shares trade at an "egregiously rich valuation" due to the "unprecedented generative AI hype cycle," the analyst tells investors in a research note. The firm says that while Palantir is well positioned to benefit from the long-term artificial intelligence trend and capitalize on volatile geopolitics, its revenue from government-related contracts has "proven lumpy," its execution is "spotty," and valuation "excessive." The "darkest days of this economic downturn are ahead of us," adds Monness Crespi. Shares of Palantir are down 2% to $24.03 in premarket trading. |
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