Palantir (NYSE:PLTR) stock is rising higher on Monday after Morgan Stanley analyst Keith Weiss upgraded the software company’s shares and gave a new price prediction.
That upgrade has the analysts boosting PLTR stock from his prior “underweight” rating to a new “equal weight” rating. For the record, the analyst consensus rating is “hold.” That comes from one “buy” rating, four “hold” ratings, and two “sell” ratings.
Moving onto the new PLTR stock price predictions, the Morgan Stanley analyst is looking for $16 per share, which is lower than his previous price prediction of $24 per share. However, it still represents a potential 46% upside for the shares.
So why is Weiss taking a bull stance on PLTR stock? There’s a few factors that the analyst highlights that investors will want to consider. Let’s hear it from Weiss in a statement from their upgrade letter pulled from Seeking Alpha.
“The risks of slowing commercial growth and unsustainable operating margins look largely priced in with shares at all-time lows at 8.7X EV/CY23. Upgrade to [equal weight] but awaiting more visibility of positive catalysts around a durable government business and yields on recent investments in commercial.”
News of the upgrade has PLTR stock on the move today but isn’t leading to heavy trading. About 21 million shares have changed hands, as compared to its daily average trading volume of roughly 51.8 million shares.
Even so, PLTR stock is up 2% as of Monday morning.
Investors looking for more recent stock market news are in the right place!
InvestorPlace has all the hottest stock news that traders need to know about for Monday! Among that is what’s happening with oils stocks today, why shares of Houston American Energy (NYSEMKT:HUSA) are skyrocketing, as well as the news boosting Bed Bath & Beyond (NASDAQ:BBBY) stock higher. You can find all of that info at the following links!
More Stock Market News for Monday
- Oil Stocks News: What’s Going on With OXY, CEI, XOM, HUSA, IMPP, NINE, INDO, MRO, DVN and VET Today?
- Why Is Houston American Energy (HUSA) Stock Up Today?
- Why Is Bed Bath & Beyond (BBBY) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.