Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Morgan Stanley Goes Against the Grain and Hikes Palantir Price Target

Published 11/10/2021, 12:58 PM
Updated 11/10/2021, 01:01 PM
©  Reuters

By Sam Boughedda

Investing.com — Palantir Technologies Inc (NYSE:PLTR) stock has continued its decline Wednesday following its third quarter earnings report, which showed revenue grew 36% year-over-year but failed to match the previous two consecutive quarters of 49% growth.

Analysts were quick to reduce price targets and downgrade the stock. However, Morgan Stanley moved to increase its price target on Palantir. 

Morgan Stanley analyst Keith Weiss raised the price target to $24 from $22, keeping an underweight rating. Weiss said the company delivered another beat versus consensus "across all key headline metrics."

However, the analyst told investors he sees "signs of slowing underneath the hood" after a slowdown in revenue and commercial growth, alongside the increased slowdown in the government segment. Both trends added fuel to the debate about the durability of Palantir's growth.

The company's stock is down 5% so far on Wednesday, after closing Tuesday's session down 9.35%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.