GRNQ - Mizuho Just Issued a Warning on Palantir (PLTR) Stock
2024-07-16 11:01:58 ET
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Palantir Technologies (NYSE: PLTR ) stock is in the news Tuesday as Mizuho analysts have issued a warning for the big data company’s shares.
Mizuho analyst Gregg Moskowitz downgraded PLTR stock from a “neutral” rating to an “underperform” rating. To put that in perspective, the analyst consensus rating for PLTR is a reduce rating based on 15 opinions.
Despite this downgrade, the Mizuho analyst did increase his price target for PLTR from $21 per share to $22. This is a potential downside of 23% from the stock’s prior closing price. It’s also above the analyst consensus price prediction of $21.32 per share.
What’s Behind the PLTR Stock Downgrade?
Here’s what Moskowitz had to say about Palantir in a note to clients obtained by Seeking Alpha :
“But primarily, following the material 67% rise in the shares YTD, we find it increasingly difficult to justify PLTR’s high multiple (21x CY25E revenue) that, in our view, likely already discounts significant acceleration versus our consensus expectations for 20-21% revenue growth.”
PLTR stock is down 2.3% as of Tuesday morning. The shares are up 68.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article .
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