Jim Cramer slapped Palantir Technologies Inc PLTR around in an early morning interview Wednesday, calling it anything but a "real company." Founder and CEO of Forte Capital Group Roger Monteforte took the other side of that argument Thursday on CNBC's "Squawk Box."
"I respect Jim, I like him a lot, but I think some of the comments that he made were actually irresponsible," Monteforte said.
What Happened: Following the data software company's expanded partnership announcement with Microsoft Corp MSFT, Cramer said Palantir isn't a real company, instead it's more so just a "series of press releases" for the "memesters."
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He called out Palantir CEO Alex Karp for using foul language on conference calls and noted that it shows a lack of legitimacy.
Why It Matters: CNBC's Andrew Ross Sorkin was surprised by Cramer's comments and said Thursday that he views Palantir much differently. So does Monteforte who was an early investor in the company.
The Forte Capital CEO pointed out that Palantir became GAAP profitable last quarter and will be GAAP profitable for the full-year 2023. He also highlighted the company's strong free cash flow and cash position, as well as its recent revenue forecasts.
"To classify this company as not being real, I think is just ludicrous," Monteforte said.
"If you ask the U.S. Army or ask Ukraine or ask the folks at the CDC or different governments from around the world if Palantir is real, I think they'll unequivocally say that they are."
He told CNBC, Palantir seems to be misunderstood, but what's attractive about the company is the product the company offers.
"You'd be hard-pressed to find another company out there that can deliver the software they can deliver in the format they can deliver it," Monteforte said.
The value proposition for this company over the long term is "tremendous," he said.
"I'd like to be on with Jim in the next five years. Write the price down from here, and if it's not over a triple from this point in time, I'll eat my words."
Related Link: Jim Cramer Trashes Palantir, C3.Ai, Says They Aren't Even 'Real Companies'
PLTR Price Action: Palantir has a 52-week high of $14.85 and a 52-week low of $5.84.
The stock was up 1.75% at $8.13 at the time of writing, according to Benzinga Pro.
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