The post Wall Street turns bearish on Palantir: here’s why appeared on BitcoinEthereumNews.com.

Palantir (NYSE: PLTR) has been on a roll since the beginning of the year — but institutions remain skeptical about the company’s long-term prospects. One of the key catalysts Palantir stock’s positive price action over the course of the last months was the September 6 announcement that the company would be joining the S&P 500 index. Looking back even further, PLTR has spent the vast majority of 2024 in the green — and is currently up 120.87% YTD (year-to-date). Palantir stock price year-to-date (YTD) chart. Source: Finbold However, it seems that Wall Street isn’t quite convinced — and Palantir’s high valuation remains a sore spot for analysts.  Caption: Palantir ranks high on Wall Street for tech stock sales ratings  Even short-term traders have cause for concern, as a key technical indicator, the relative strength index (RSI) has recently dipped into overbought territory, reaching historically high levels. In tandem with this, the PLTR’s share price has gone 54% above its 200-day SMA (simple moving average). In addition, the big data business’s surveillance dealings tend to attract negative press, while its attempts to diversify income streams away from governments and toward commercial clients have been a mixed bag at best. Wall Street’s 12-month PLTR stock price targets. Source: TipRanks While the most bullish of analysts have set 12-month price targets at $50, which would represent a 36.53% upside, their ratings are quite far from the general consensus.  The average 12-month price target is at $27.08 — and if things pan out this way, we’ll be looking at a 26.05% dip in share price as per the latest data from Finbold at the time of publication. Some experts even see the price going as low as $9 — although this, which would entail a -75.4% drop in price, is a relatively fringe view.…

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Filed under: News - @ September 25, 2024 12:26 pm