Study of PLTR
- 08/28/2024 – Analyst Says Palantir Technologies’ (PLTR) AI Tech Solves Key Challenges in the Industry (msn.com)
Palantir Technologies Inc (NYSE:PLTR) has been posting explosive growth thanks to its AI platform. Recently, Northland Capital initiated coverage on Palantir (NYSE:PLTR) with a Market Perform rating. The firm’s analyst Michael Latimore said that Palantir’s AI operating system, fueled by their Ontology software, “addresses many of the challenges hindering widespread adoption and is accelerating AI use across the enterprise sector.”
The analyst highlighted that Palantir Technologies Inc (NYSE:PLTR) AI tech doesn’t only automate insight creation. It also automates decision-making, which is a key part of the next wave of AI.
The analyst set a $35 price target for Palantir Technologies Inc (NYSE:PLTR).
Palantir Technologies’ Inc (NYSE:PLTR) stunning growth posted in the second-quarter results and long-term trends show it’s a promising AI software stock. During the June quarter, overall revenue rose 27% year over year while US commercial revenue grew by a whopping 55%.
What makes Palantir Technologies Inc (NYSE:PLTR) one of the top AI stocks? Its technologies are actually solving the problems of businesses. Palantir’s data technology Ontology is solving the famous hallucination problem for AI systems, thanks to the company’s years of experience with military and defense systems. Earlier this year at an event with customers, Palantir Technologies Inc (NYSE:PLTR) shared some specifics on how its customers are being able to reduce costs and increase profits due to its artificial intelligence platform (AIP) that was launched about a year ago.
Airbus accelerated A350 production by 33%, BP reduced costs per barrel by 60%, and Jacobs Connect cut power usage by 30%. Panasonic decreased waste by 12%, ESI Group sped up ERP harmonization by 70%, and PG&E reduced transformer ignitions by 65%. Eaton boosted productivity by 25%, while Tyson Foods achieved $200 million in cost savings.
Carillon Scout Mid Cap Fund stated the following regarding Palantir Technologies Inc. (NYSE:PLTR) in its first quarter 2024 investor letter:
“The top contributor to return for the quarter was Palantir Technologies Inc. (NYSE:PLTR). Sentiment improved on Palantir after it reported stronger than expected commercial customer revenue and free cash flow. U.S. commercial growth was especially encouraging, as U.S. commercial revenue was up by a large percentage year over year for the fourth quarter and U.S. commercial customer count grew nearly as much. We expect Palantir to become one of the premier artificial intelligence (AI) software providers, built on its Foundry and AIP platforms.”
