Palantir: Argus Research initiates coverage on AI prospects

Shares of Palantir (PLTR) are trading higher on Monday after Argus Research initiated coverage on the stock. The software services company received a Buy rating along with a price target of $29, with Argus analysts citing artificial intelligence as a potential catalyst for continued growth.

Yahoo Finance's Seana Smith and Madison Mills break down the details.

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This post was written by Angel Smith

Video transcript

Let's talk about Palant here.

It's getting some love on Wall Street today.

Argus Research initiating coverage on the company with a buy rating $29 price target just above where it is today on the stock.

Now, Argus's price target indicating a potential upside of just around 23% from the company's current price.

When you take into account.

Why exactly they are a bit bullish.

A lot of a lot of the bullish narrative here surrounding volunteer is the A I platform, the A I capabilities.

What exactly that looks like here going forward for the company?

So again, they're seeing increase of profitability.

That's a real catalyst here going for that, that they have expanded the commercial sector with data management analytics platform and the capable here of providing solutions to complex business problems.

All that to say they see more demand here for piers business going forward.

Yeah, and they talk about defense as a potential bullish signal for the stock and this is exactly what our very own.

Josh Lipton spoke with Punier Ceo Alex Carp about Alex Carp saying that A I tech is going to play a crucial role on the battlefield.

That is exactly what this artist note kind of mentions here.

The fact that us defense and intelligence has kind of been one of the primary customers for artist and they expect that to continue.

And this comes at a good time for the stock.

By the way, this is a stock that's up over 43% year to date, up 50% over the past year.

So a lot of potential here for that record run to continue for P here here.