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Summary
- Despite the recent stock decline, maintained “strong buy” rating on Palantir with a fair price estimate of $24.13, offering a 12.7% upside from current price.
- Q1 2024 earnings met expectations, highlighting PLTR’s stability amid market fluctuations.
- Projected future stock price for 2029 at $108.81, suggesting substantial annual returns of 40.8% from 2024-2033.
- Explored potential downsides, including stagnant government revenue, with a conservative downside estimate of 14.3%, reaffirming confidence in Palantir’s resilience at its current valuation.
Thesis
In my previous article on Palantir Technologies Inc. (NYSE:PLTR) I reiterated my “strong buy” rating on the stock, citing that my estimated fair price stood at $17.04 and an estimated future price for the year 2029 of $54.12.
Since that article, the stock has decreased by 10.50% due to the raised outlook of Palantir not impressing investors. Nevertheless, the company reported in-line EPS of $0.08 for Q1 2024 and beat on revenues by a 2.70% margin.
After re-evaluating the company, I arrived at a fair price estimate of $24.13, which is 12.7% above the current stock price of $21.40, and a future stock price for 2029 of $108.81, which implies 40.8% annual returns throughout 2024-2033.
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