BUZZ-Palantir drops after Monness Crespi Hardt downgrades to 'sell'

Reuters06-21

** Palantir Technologies shares fall 3.6% to $24.62 premarket after analysts at Monness Crespi Hardt double downgrade the data analytics firm to "sell" from "buy"

** MCH analyst Brian White believes valuation has reached a "a gluttonous extreme" after a near 50% rise YTD and ~167% surge in 2023

** "On the back of a dismal earnings season for enterprise software and the failure of this 18-month gen AI propaganda cycle to deliver more than de minimis revenue for most companies in the industry, we believe the market will increasingly shun software stocks with excessive valuations," White says

** MCH issues PT of $20; median PT on the stock is $23.50 and avg rating "hold" - LSEG data

** Stock is trading at forward P/E of 70.76

(Reporting by Sruthi Shankar in Bengaluru)

((sruthi.shankar@thomsonreuters.com;))

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Comments

  • VtTeh
    06-21
    VtTeh
    Next week another fund mgr will say "buy" then Pltr will fly...then another week another idiot may say "sell" and pltr will sink...all in the hands of analyst and fund managers. 
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