This article first appeared on GuruFocus.
Palantir Technologies (NASDAQ:PLTR) rose about 2% in premarket trading Monday as Wedbush expressed optimism ahead of the company’s third-quarter results due after the closing bell.
Wedbush increased its price target to $230 from $200 and kept an Outperform rating on the stock.
The brokerage, led by analyst Daniel Ives, said it expects Palantir’s guidance and results to show continued progress as the company expands its artificial intelligence offerings across commercial and government customers.
The analysts said the Wall Street revenue estimate of about $1.09 billion appears achievable, with Palantir’s Artificial Intelligence Platform, known as AIP, remaining a key driver of adoption and customer spending.
If momentum continues, Wedbush thinks Palantir could blast toward a trillion-dollar valuation as AI spending surges.
Wedbush also pointed to strong demand signals for AIP across industries, with faster sales cycles and more customers moving from pilot testing to broader deployments.
The firm added that increased U.S. government spending on AI initiatives under the current administration could support growth within Palantir’s public sector business.
Investors will watch whether the company provides further visibility on commercial momentum and expanding use cases when it reports results later today.
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