Palantir Technologies' Revenue Growth Offsets Flat Backlog, UBS Says

MT Newswires Live01:14

Palantir Technologies (PLTR) should benefit from strong demand for its AI software, with robust revenue growth helping offset concerns around a flat backlog, UBS Securities said in a note Tuesday.

Revenue growth accelerated 3 percentage points to 96%, coming in 6.9% above estimates, with US commercial revenue up 148%, above UBS's 144% estimate, and total US revenue up 119%, above its 113% estimate, according to the note.

Palantir's Q4 revenue guidance implies growth of 100%, while its backlog of remaining performance obligations was flat sequentially for the first time since Q1 2023. The company attributed the weakness partly to enabling sovereign AI customers to sign contracts shorter than 12 months, which are not included in RPO, the note added.

The investment firm said reported and guided growth showed no evidence of a demand slowdown, while its industry checks support the view that the shift toward private AI models is material. However, the moderation in backlog growth and slower sequential customer additions remain areas to watch.

UBS kept its buy rating and $250 price target, citing strong revenue growth and the rise of private AI models.

Shares of Palantir were down 2.7% in Tuesday afternoon trading.

Price: 173.60, Change: -4.74, Percent Change: -2.66

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