Offshore

⁠Wall St Engine
HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $PLTR EARNINGS:

1) DA Davidson – $115 PT – NEUTRAL (Raised from $100) - Gil Luria

"Palantir reported a strong quarter with revenue growth accelerating further due to 'unrelenting' demand in a seasonally light quarter. Despite recent uncertainty introduced from tariff announcements, Palantir continues to see underlying momentum in the business landing a record number of $1M deals. Palantir produced strong results with a revenue beat of ~$24M in the quarter, compared to its TTM average of $33M, with revenue growth accelerating to 39% Y/Y, compared to 36% last quarter. Palantir's US business continues to drive results landing the lion share of new customers in the quarter. US commercial revenue had yet another healthy quarter growing 75% Y/Y excluding revenue from strategic commercial contracts, compared to 76% growth last quarter. Revenue from strategic commercial contracts was $5.1M, in-line with management expectations. Overall, Palantir had its highest US Commercial total contract value of $810M."

2) Morgan Stanley – $98 PT – EQUALWEIGHT (Raised from $90) - Sanjit Singh

"What Did We Learn from Q1? Palantir Is Firing on Nearly All Cylinders. On the government side, YoY revenue growth accelerated to +45% YoY while the company closed 139 deals over $1 million in TCV including 51 deals over $5 million and 31 over $10 million. A record $810 million in US Commercial TCV was booked in Q1 - up +183% YoY. US commercial business grew +71% YoY from +63% in Q4. International government accelerated to +46% YoY from +29%. International commercial was the only weak spot, falling -5% YoY."

3) Goldman Sachs – $90 PT – NEUTRAL (Raised from $80) - Gabriela Borges

"We continue to view Palantir as well positioned to continue to deliver best-in-class growth given the secular trend towards enterprise AI adoption; the continued push for efficiency and technology adoption in the US government; and adoption of Operation Warp Speed among new defense entrants, traditional defense companies, and the broader manufacturing industry. Our positive view of Palantir's growth is balanced by longer term ecosystem risks (the industry moving from peak custom to more off-the-shelf adoption) and the stock premium valuation. Palantir trades at an EV/Sales/growth multiple of 2.2x, EV/Sales of 81x, and EV/Sales/"Rule of 40" of 0.97x vs. peers at 0.5x, 12x, and 0.28x respectively."

4) Raymond James – Rating: MARKET PERFORM - Brian Gesuale

"Palantir kicked off 2025 with strong results and guide that will take estimates closer to our above-guidance/above-consensus model, though this was not enough to satiate buyers given the stock's 64% YTD move... and rich whisper expectations heading into the print (stock down 9% in after-hours). Fundamentals were healthy with a 1.4% topline beat, U.S. comm growth of 71%, and AEBIT beat of ~8.3%. Raised guide midpoint to $3.895B vs. Street at $3.752B and RJE at $3.832B. New FCF expectation of $1.7B (115% margin). While we remain enthusiastic about PLTR's long-term positioning in AI, we are maintaining our Market Perform rating given our view that shares need to consolidate stellar gains and grow into its rich valuation."

5) Mizuho – $94 PT – UNDERPERFORM (Raised from $80) - Gregg Moskowitz

"PLTR delivered a very good quarter, as revenue grew 39% Y/Y, ahead of our and the Street's ~36% forecast, and driven by US commercial and US government. Mgmt also raised its FY25 guidance by much more than the 1Q beat. We remain quite impressed by PLTR's recent execution, and given its strong positioning and execution, there's no denying that it is deserving of a premium valuation. However, valuation cannot and should not be irrelevant, and we find it very difficult to justify PLTR's very high multiple – 60x CY2026E [...]

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