Wedbush reiterates Palantir stock rating amid Anthropic concerns By Investing.com

Investing.com - Wedbush maintained an Outperform rating and $230.00 price target on Palantir Technologies Inc. (NASDAQ:PLTR) stock following recent market pressure on the shares. The stock currently trades at $130.47, giving the company a market capitalization of $312 billion, though InvestingPro analysis suggests the stock is overvalued at current levels.

The firm addressed concerns about competition from Anthropic, which released a new product around multi-agent orchestration. Palantir shares fell 7% on the day of the announcement.

Wedbush stated the company continues to accelerate both its US commercial and government businesses. US Commercial grew 137% year-over-year and US government accelerated 66% year-over-year. Overall revenue growth reached 56% in the last twelve months, while the company maintains impressive gross profit margins of 82%, according to InvestingPro data. An InvestingPro Tip highlights these exceptional margins as a key competitive advantage.

Anthropic reached $30 billion in annual recurring revenue, up from $9 billion at the start of the year. Wedbush said this growth is not at the expense of Palantir's business.

The firm described Palantir as being at the epicenter of leaders in the AI Revolution. Wedbush stated the company's AIP product moat remains unmatched and its data-driven moat around data and ontology is not being disrupted by Claude.

In other recent news, Palantir Technologies has expanded its partnership with Bain & Company to enhance access to artificial intelligence transformation services. This collaboration aims to provide Bain's clients with broader access to Palantir's enterprise AI technology, including its AIP and Foundry platforms. Additionally, Palantir has teamed up with Moder to develop an AI-powered mortgage operations platform, with Freedom Mortgage as the first pilot customer. This platform utilizes Palantir's Ontology to integrate with existing systems, translating guidelines and operational policies into configurable rules.

Rosenblatt has reiterated a Buy rating on Palantir, citing potential from a major defense project involving the Golden Dome Missile Shield. The project's first phase is estimated to cost $185 billion, as reported by the Wall Street Journal. In further analyst updates, Wedbush has maintained an Outperform rating on Palantir, highlighting expectations for additional federal government contracts. Mizuho also reiterated an Outperform rating, noting Palantir's momentum in AI advancements. These developments reflect Palantir's strategic moves and ongoing analyst confidence in its future potential.

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