Why Trump DOGE Initiative Is A Wild Card For Palantir Stock, Software Makers

Blockhead2024-12-26

While shares of Palantir Technologies (PLTR) soared after Donald Trump's presidential election win, investors in other software makers should keep an eye on plans to downsize the federal government. ...

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Budget cuts loom as a wild card for software makers as well as Palantir stock.\nElon Musk is the co-leader of President-elect Trump's \"Department of Government Efficiency\" (DOGE), an advisory panel focused on cutting spending and the size of the federal government.\n\n\n\n↑\nX\n\n\n\n\nNasdaq Leads Market Into Holiday; Nvidia, Atour Lifestyle, Fiserv In Focus\n\n\nSee All Videos\n\n\n\n\nNOW PLAYING\nNasdaq Leads Market Into Holiday; Nvidia, Atour Lifestyle, Fiserv In Focus\n\n\n\n\n\"We see a new era of software innovation in the Beltway and DOGE will be the catalyst for more focus on using software players over the coming years,\" Wedbush Securities analyst Daniel Ives said in an email.\nHe added: \"There is massive inefficiency in the 202 area code and that is a major opportunity for the likes of Oracle (ORCL), Microsoft (MSFT), Palantir, ServiceNow (NOW), and Salesforce (CRM) among many others.\"\nPossible DOGE ramifications have been popping up in Wall Street analyst reports on software makers as well as information technology system integrators such as Accenture (ACN).\nPalantir Stock: Federal Spending Cuts Coming\nWhile DOGE could recommend upgrading aging federal computer systems, another possibility is letting go government employees. DOGE aims to cut $2 trillion from the federal budget.\nMany software makers sell annual subscription services on a \"per-seat,\" or per-employee basis.\n\"Whatever you think of the merits or ideas that may come out of DOGE, it sounds like we are in for spending cuts at the U.S. federal government,\" KeyBanc Capital Markets analyst Jackson Ader said in a report on ServiceNow.\nHe added: \"There are two sides to this. There is the software-optimism side: this is about efficiency so cuts to human capital will be replaced by investments in software; DOGE is good for software. Then there is the other side: cuts mean cuts and the environment will simply not be one in which spending on anything, including additional software, will be easily done. We are in the latter camp.\"\nIn late December, Congress passed a funding bill that averted a government shutdown.\nDOGE 'Hiccups' Coming?\nJPMorgan analyst Mark Murphy in a 2025 outlook said investors should be ready for volatility.\n\"Sequencing and directionality of DOGE impact creates hiccups and volatility rather than clear and immediate tailwind for all software companies,\" he said.\nWhen it reported fiscal first-quarter earnings, global IT services company Accenture told analysts that U.S. federal government services provided 8% of total revenue in fiscal 2024.\n\"The incoming Trump administration has widely promised federal government spending cuts, though the degree and scope remain somewhat uncertain,\" TD Cowen analyst Bryan Bergin said in a report.\n\"Importantly, DOGE leaders have explicitly acknowledged that it intends to invest more in tech modernization initiatives, not less, highlighting inadequate/antiquated tech as a cause of inefficiencies.\"\nAt Mizuho Securities, analyst Sean Kennedy in a report noted input from a consultant at a top IT services firm.\n\"Our expert sees drastic decreases in U.S. federal government IT services budgets over the next 6 to 12 months across all federal departments due to the new administration's DOGE program,\" Kennedy said.\nPalantir Stock Posts Big 2024 Advance\n\"Our expert believes larger and best-in-class IT services companies will fare best over the next few years as the government looks to rationalize its vendor list. He expects federal IT services budgets will see significant decreases in 2025 and a possible recovery in 2026 with an emphasis on next-generation services like gen AI.\"\nPalantir, a maker of data analytics software, could gain if artificial intelligence plays a bigger role in homeland security or defense spending.\nUBS analyst Karl Kierstead launched coverage of Palantir stock on Dec. 18 with a neutral rating.\n\"Qualitatively, Palantir shares already reflect a view that the company is a major AI/data beneficiary as well as a likely winner of efficiency — DOGE-led improvements at the U.S. federal government,\" he said in a report.\nMeanwhile, Palantir stock has advanced 379% in 2024.\nFollow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.\nYOU MAY ALSO LIKE:\nLearn The Best Trading Stock Rules From IBD's Investor's Corner\nWant To Trade Options? Try Out These Strategies\nMonitor IBD's \"Breaking Out Today\" List For Companies Hitting New Buy Points\nIBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2494861756"}