On 21 July, Palantir Technologies (NYSE: Pltr) shares climbed as financial firm and investment bank Raymond James started coverage of the software company, dubbing it a ‘cultural unicorn.’
O le kamupani tofia the company a “strong buy” rating and a $20 price target on Palantir shares. As a result of the initiation of coverage, PLTR stock closed the last trading session 3% higher.
Even though the shares of PLTR are down more than 40% year-to-date (YTD), investors are hoping that the Q2 earnings report will propel the stocks higher after its release on 8 August.
PLTR charts and analysis
Over the last month, PLTR has been trading between $8.65 and $10.76, while currently remaining near the high of this range. The price action has seen the stock close above 20-day and 50-day Simple Moving Averages (SMA) on slightly increased trading volume.
Furthermore, the support line for PLTR has formed between $8.74 to $8.79, with the resistance line established at $20.08.
Notably, TipRanks analysts rate the shares currently as hold, with an average next 12-month price target of $12.04, which is 14.78% maualuga nai lo le tau fefa'ataua'iga i le taimi nei e $10.49.
Raymond James analyst Brian Gesuale further finau that the shares of PLTR are currently undervalued and have ample growth room.
“The company then nearly doubled its revenue from 2018 to 2020, crossing the billion dollar sales mark, and we believe the company will nearly double again and flirt with the $2 billion revenue mark in 2022,” he said.
After everything is said and done, Raymond James market experts claim that the risk/reward profile of the company makes it worthwhile to invest in it due to a 75% drop in price since its peak in early 2021.
Tuuese: O mea o loʻo i luga o lenei 'upega tafaʻilagi e le tatau ona manatu i fautuaga faʻafaigaluega. O le fa'afaigaluegaina e taumatemate. A e teu fa'afaigaluega, e lamatia lau tupe faavae.
Source: https://finbold.com/palantir-jumps-as-raymond-james-assigns-pltr-stock-a-strong-buy/