Wedbush analysts believe Palantir Technologies Inc (NYSE:PLTR) has the potential to be a trillion-dollar market cap company in the next few years as the AI Revolution takes hold and AI production continues to accelerate.
“With the company continuing to strategically innovate its product suite while investing in top talent and maintaining a global presence, we believe that Palantir has a golden path to become the next Oracle over the coming years and will grow into its valuation,” the analysts wrote in a note to clients on Wednesday.
They expect Palantir to deliver another strong quarter when the company reports its third quarter financial results on November 3, while anticipating continued demand acceleration across the company’s business lines.
The analysts added that Palantir continues to see unprecedented demand for its Artificial Intelligence Platform based on their recent checks in the field across both commercial and government landscapes.
The Wedbush equity research team maintained their ‘Outperform’ rating and $200 per share target price on Palantir’s stock.
Palantir shares climbed 3.5% to $196.18 in midday trading on Wednesday.