Should You Buy Palantir Stock After Its 370% Gain in 2024? Wall Street Has a Clear Answer for Investors

Shares of Palantir Technologies (NASDAQ: PLTR) have advanced 370% this year. Factors contributing to that upside include strong financial results driven by demand for its artificial intelligence platform, as well as the company's inclusion in the S&P 500 and Nasdaq-100. But investors should think twice before buying shares. Wall Street sees Palantir as one of the most overvalued stocks on the market.The median 12-month target among the 22 analysts that follow Palantir is $41 per share, according to The Wall Street Journal. That implies 49% downside from the current share price of $80.50. Importantly, median refers to the middle value, meaning half the analysts following Palantir expect the stock to fall more than 49%. Even the highest 12-month target of $80 per share implies downside.That said, certain analysts -- like Dan Ives from Wedbush -- believe most pundits misunderstand Palantir. He believes it could be the next Oracle, a comparison that likens the company to a $500 billion software giant. Ives thinks Palantir could grow into that valuation over the next three to four years. So, not all Wall Street analysts are equally bearish, but even Ives sees downside in the stock in the next 12 months.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool