PLTR Stock: The New Analyst Coverage and Price Target Giving Palantir Shares a Push Today

Palantir (NYSE:PLTR) stock is on the rise Wednesday as investors react to new coverage of the shares from Piper Sandler analyst Weston Twigg.

A close-up shot of a hand on a screen with the Palantir (PLTR Stock) logo.

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That new coverage from Piper Sandler comes with an “overweight” rating for PLTR stock. For comparison, the consensus rating for PLTR is “hold” based on eight analysts. That comes from two “buy”, four “hold”, and two “sell” ratings.

The Piper Sandler analyst also includes a $15 price target for PLTR stock alongside that rating. That represents an almost 36% upside for the stock compared to its closing price on Tuesday. For the record, the analyst consensus price prediction for PLTR is sitting at $15.38 per share.

So what’s behind Twigg’s bullish coverage of PLTR stock today? The company’s focus on combining software with artificial intelligence and data is behind the strong stance on the stock. The analyst believes that the adoption of its offerings could speed up due to the war between Russia and Ukraine, reports TheFly.com.

PLTR is seeing a decent amount of trading today in response to the new coverage from Piper Sandler. As of this writing, more than 21 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 52.8 million shares.

PLTR stock is up 6.7% as of Wednesday morning but is still down 36.4% since the start of the year.

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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.


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