Palantir Technologies (PLTR) was in focus on Friday as Wedbush Securities praised the tech company after it attended a well-received customer event. Separately, the company announced a deal with western sports and entertainment company Teton Ridge.
“When speaking more with prospective customers, majority discussed how they heard about Palantir’s technology and the value these technologies were able to provide through word of mouth after other partners went all in on Palantir, but many were shocked after seeing the use cases through demos giving us more confidence that many still don’t fully understand the full value that Karp & Co. bring to the table,” Wedbush analysts, led by Dan Ives, said in a research report. “We note that the company is starting to see a roughly 50/50 split between new customers signing up for multi-year deals and existing customers looking to spend incrementally more on various products with many customers going all-in on the PLTR platform approach.”
There were more than 30 demos across all industries from Palantir, showcasing the usage of its AIP platform and more.
In addition, the company’s launch earlier this week of its Chain Reaction platform — in which it is partnering with CenterPoint Energy and Nvidia (NVDA) — should help accelerate the artificial intelligence build out, the analysts added.
“With the company making strategic moves to remain at the forefront of AI and expanding its global presence, we believe that PLTR has a golden path to become a trillion-dollar market cap company over the coming years and will grow into its valuation as Karp and Co. remain one of the largest players in the AI Revolution,” the analysts explained. They have an Outperform rating and $230 price target on Palantir.
Separately, on Friday, Palantir and multinational holding company TWG AI today announced a partnership that will see Palantir, in conjunction with Nvidia, bring real-time AI and computer vision to rodeo to Teton Ridge. Teton Ridge is owned by TWG.