(CercleFinance.com) – Palantir Technologies soared by almost 30% on Tuesday on the New York Stock Exchange the day after the publication of fourth-quarter results above expectations and optimistic forecasts for 2024.
The specialist in predictive analysis software announced last night that it had achieved a fifth consecutive quarter of profitability by revealing GAAP net profit of $93 million.
Its turnover increased by 20% to reach 608 million dollars.
In a note released in the morning, Jefferies analysts hailed ‘impressive’ performances and explained that they had purchased the stock in view of the take-off of its ‘AIP’ artificial intelligence platform.
The research firm adds that the free cash flow (FCF) target of between $800 million and $1 billion that has been communicated for 2024 exceeds Wall Street estimates by 34%.
Wedbush Securities, which maintains its ‘outperform’ opinion, raises its target from 25 to 30 dollars, citing the commercial success of the Denver group, whose FCF should, according to it, flirt with the billion-dollar threshold this year.
At BofA, we highlight the company’s ‘unique’ positioning in terms of ‘accessible’ AI, which leads the broker to raise its target to 24 dollars, with a recommendation maintained at purchase.
The Mizuho teams, for their part, welcome encouraging dynamics in AI, but also mention ‘uneven’ operational performances, which does not prevent them from raising their objective to 18 dollars.
HSBC – which believes that the company is well placed to benefit from the promising AI trends in 2024 while benefiting from its good cost control – increases its price target from 21 to 22 dollars, with an unchanged buyer advice.
Copyright (c) 2024 CercleFinance.com. All rights reserved.