Palantir Soars on Major New AI Launch, Analysts See Upside Despite Premium Valuation
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Palantir released a major new AI product (AIP) in 2023, accelerating revenue growth to 70% in Q4.
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AIP's early success is proving Palantir can compete with big tech giants in AI.
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Shares are up 180% in the past year but still down 40% from all-time highs, presenting a buying opportunity.
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Palantir trades at a premium valuation (P/S ratio of 23x) but is highly profitable and generating strong free cash flow.
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Wedbush analyst Dan Ives sees 59% upside for the stock with a $35 price target, citing secular growth tailwinds in AI.