Posted 3/29/2024, 11:28:11 AM
Monness Downgrades Palantir on Stretched Valuation Despite Strong Stock Gains
- Palantir stock has posted strong gains, up 34% YTD and 186% over the past 12 months
- Monness downgraded PLTR from neutral to sell, set $20 price target (-13% downside)
- Monness thinks valuation is stretched, cites lumpy government revenue
- Analyst expects economic downturn ahead, sees valuation as excessive
- Motley Fool suggests investors may want to consider more conservatively valued AI stocks
