Shares of Palantir Technologies, Inc. PLTR, a data analytics company, traded lower in premarket trading on Friday.
The immediate downside trigger has been a downgrade of the stock by Jefferies analyst Brent Thill. In a late Thursday note, the analyst lowered the rating on the stock from Neutral to Underperform, Barron’s reported. The analyst also reduced the price target from $18 to $13, suggesting a 20% downside from current levels.
Thill expressed concerns about the stock rallying to unsustainable levels, riding on the AI euphoria, with no monetization strategy. Also, longer-than-expected demand recovery in the company’s commercial and government business will weigh down on growth in 2024, he said.
The stock ended 2023 with a gain of 167%.
In premarket, Palantir stock fell 3.88% to $15.62, according to Benzinga Pro data.
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