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HSBC Says Palantir Is Trading at a High Premium Versus Peers, Downgrades Stock to Hold

While HSBC is maintaining its long-term optimism on Palantir Technologies, the bank thinks the tech stock may have gotten ahead of itself.HSBC downgraded the software stock to hold but maintained its $22 per share price target. The firm’s outlook implies more than 8% downside from Wednesday’s close.Shares have soared nearly 40% this year. The shares rose 1.7% in premarket trading Wednesday.

HSBC Says Palantir Is Trading at a High Premium Versus Peers, Downgrades Stock to Hold

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