- Palantir Technologies ( NYSE: PLTR ) rose Wednesday in premarket trading as investment firm Mizuho started coverage on the data software company, stating it can provide "significant" value for its customers.
- Analyst Matthew Broome started Palantir ( PLTR ) with a neutral rating and a per-share price target of $7, noting Mizuho expects "ongoing global disruptions" to further help boost Palantir's ( PLTR ) business. However, with growth slowing in both its government and commercial businesses and ongoing economic weakness, a near-term reacceleration in growth becomes "much more difficult."
- Broome also noted that Palantir ( PLTR ) has become a "more strategic partner" to the U.S. government and has ramped its base of commercial customers in recent quarters, but the quarterly results are "lumpy," due to timing and continued global disruptions, such as COVID-19.
- "Given that the majority of its contracts are cancellable by the customer, including for convenience, there is clearly incremental risk going into an uncertain 2023," Broome added.
- Earlier this month, Palantir ( PLTR ) and Posit entered into a new deal to integrate wide range of individuals, teams, and enterprises to leverage RStudio Pro on Palantir Foundry .
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Palantir rises as Mizuho says it can provide 'significant' value for clients