Why Palantir Stock Is Sliding Over 3% Premarket Today
Palantir Technologies, Inc. (NYSE:PLTR) shares were pulling back in premarket trading on Thursday following a negative analyst action.
Morgan Stanley analyst Keith Weiss downgraded Palantir from Equal-Weight to Underweight, citing unfavorable risk-reward, StreetInsider reported. The analyst also said the stock could see a 45% downside from current levels.
Palantir shares, which rose to a high of $20.24 in early August ahead of the release of the company’s second-quarter results, have pulled back since then.
Analysts are divided over the company’s AI opportunity. Wedbush analyst Daniel Ives called the company as the “Messi of AI” and has a bullish recommendation for the stock.
“With a raise in FY23 guidance, a significant increase in customer count, strong performance, and the AI arms race well underway, we continue to believe Palantir is the gold standard in AI,” the analyst said in a note reviewing the company’s quarterly results.
In premarket trading on Thursday, Palantir stock fell 3.49% to $15.76, according to data from Benzinga Pro.
See Also: Best Artificial Intelligence Stocks
Latest Ratings for PLTR
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Mar 2022 | Piper Sandler | Initiates Coverage On | Overweight | |
| Mar 2022 | Morgan Stanley | Upgrades | Underweight | Equal-Weight |
| Feb 2022 | Citigroup | Maintains | Sell |
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