Palantir (PLTR) Stock: Bank of America Raises Target to $255 After Earnings Beat

TLDR

• Palantir stock rose about 10% on Friday, extending post-earnings gains from its strong Q2 report
• Q2 revenue hit $1.94 billion, up 92.8% year over year, beating the $1.81 billion consensus estimate
• Bank of America reiterated its Buy rating and raised its price target to $255, implying around 50% upside
• EPS came in at $0.41, beating the $0.34 estimate; analysts now forecast $1.26 EPS for the full year
• Valuation risks remain, with PLTR trading at a P/E of 147 and insiders selling over $150 million in stock over the past 90 days

Palantir (PLTR) opened at $172.01 on Friday, climbing roughly 10% as investors continued to react to the company’s blowout second-quarter results reported on August 3rd.

Palantir Technologies Inc., PLTR

Q2 revenue came in at $1.94 billion, up 92.8% from the same period last year and well above the $1.81 billion Wall Street had expected. EPS of $0.41 topped the $0.34 consensus by seven cents.

The stock’s move on Friday was partly driven by short covering. Bearish investors took heavy losses after the earnings release, and broader strength in tech helped push the stock higher.

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