PLTR - Palantir: Double Digit Growth Ahead But More Opportunities If It Drops Further
2024-05-11 10:00:00 ET
Summary
- PLTR has already pulled back by -9.8%, well underperforming the wider market at +3.2%, with it apparent that sentiments surrounding generative AI has finally entered normalization zones.
- Even so, the SaaS company continues to report robust generative AI demand, growing operating margins, and increasing multi-year backlog.
- Much of the tailwinds are attributed to the highly successful AIP boot camps and significant "deal cycle compression," as many customers signed days after the boot camps.
- With PLTR already growing its customers base while reporting healthier balance sheet, we believe that it may continue growing at scale ahead.
- With the market sentiments increasingly pessimistic, interested readers may want to observe the stock's movement before adding depending on their dollar cost averages.
We previously covered Palantir Technologies Inc. (NYSE: PLTR ) in February 2024, discussing why we had chosen to downgrade the stock as a Hold, attributed to the massive baked-in premium observed in its stock valuations and pulled forward upside potential in the stock prices....
Palantir: Double Digit Growth Ahead, But More Opportunities If It Drops Further