Palantir Stock Is Holding Above a Key Technical Level. Why Wall Street Sees 24% Upside.

Shares of Palantir Technologies have held a key technical level. Third-quarter earnings are due on Nov. 2 (Dreamstime)

Key Points

• Palantir Technologies stock has maintained a key technical trading level despite recent artificial-intelligence trade worries.
• Citi raises its Palantir price target to $250 from $245, representing 24% upside from Wednesday’s closing price.
• Citi expects Palantir’s U.S. government and commercial businesses to deliver another strong quarter.

Shares of Palantir Technologies haven’t been immune to the artificial-intelligence trade worries of late but the stock has managed to maintain a key technical trading. Wall Street just gave Alex Karp’s company a vote of confidence.

Palantir stock fell 2% to $197.72 in premarket trading on Thursday after ending Wednesday up 4.7%. Palantir is scheduled to report third-quarter earnings on Nov. 2, and while the stock has advanced 13% this year, Palantir’s business growth has accelerated.

Citi believes that trend will continue and raised its Palantir price target to $250 from $245 and maintained a Buy rating on the stock. That price target represented 24% upside from the closing price of $201.72 from Wednesday.

The firm expects the company’s U.S. government and commercial businesses to deliver another strong quarter. Citi added it remains “constructive” on Palantir stock even as shares have risen around 60% since the company’s blowout second-quarter earnings on Aug. 3.

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That’s quite a vote of confidence in the stock, which has declined 5.5% since hitting a record closing high of $209.05 on Oct. 9.

As concerns around debt and the massive funds needed to fund the AI buildout has rattled investors, Palantir stock has closed lower in six of the past eight trading sessions.

That has brought the stock back down toward its 50-day moving average on a daily chart around the $183.73 price level. Shares on a weekly chart closed right at its 50-day moving average and has bounded off it this week.

That’s a good sign for investors especially given the overall weakness in the stock market. Barron’s made Palantir a stock pick on Oct. 5, and shares have risen 6.5% since then as of the closing bell on Wednesday.

If the company’s third quarter is anything like the previous quarter, Palantir investors might be in for a very good end to 2026.

Write to Kit Norton at kit.norton@barrons.com

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