New Palantir Price Target After AT&T Champions Partnership
After stringing some data points together, we find support for these five other holdings as well.
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Coming off Thursday's AIPCon 6 event and the subsequent announcement of multiple new customers for its Warp Speed platform, we are boosting our Palantir PLTR price target to $95 from $87.
When we first added PLTR shares to the Portfolio earlier this week and then scooped up more shares on Wednesday, we noted our initial price target was potentially conservative and that AIPCon 6 could bring reasons for us to move it higher. That’s what we’re doing today.
There are a few reasons behind that move. The first is the multiple new partnerships announced on Thursday, some during AIPCon 6 and some after:
- Databricks to deliver secure and efficient AI solutions
- Palantir and Archer partnered to build the future of next-gen aviation
- Saildrone partnered to advance AI-powered maritime intelligence
- Saronic Technologies to accelerate deployment of autonomous naval capabilities for the U.S. and its allies
- Ondas Holdings ONDS for the adoption of its Optimius Systems and Iron Drone radar
And, arguably the most high-profile announcement, with Portfolio holding Qualcomm QCOM to extend AI and ontology capabilities to the edge to foster real-time data insights.
Others include the adoption of Palantir’s Warp Speed offering by Epirus, Red Cat, Ursa Major and SNC.
Outside of those announcements, we also heard from AT&T T, L3 Harris LHX, Wendy’s QSCC, Heineken USA, and others about how their engagement with Palantir streamlined their decision-making process and delivered realized savings. The standout comments to use were from AT&T when it shared that Palantir reduced its truck rolls by 40% and slashed its failed truck rolls.
In 2024, Palantir held three AIPCon events in March, June and September, and that suggests we will see more like what we did on Thursday. As we move through those events, other customer win announcements and quarterly earnings, we’ll continue to adjust our PLTR price target as needed.
Stepping back a bit and reflecting on the number of Palantir wins as well as other signals that support AI adoption happening across the enterprise, we remain positive on the shares of ServiceNow NOW and Elastic ESTC. Current price levels still offer newer members and those whose NOW and ESTC position sizes are below those in the Portfolio a favorable pick-up point.
With a bit of hindsight, those signs explain why Big Tech was capacity-constrained for AI and cloud as they reported their December quarter results. Mix in the guidance we shared regarding Foxconn’s current quarter in today’s video and you can understand why we aim to be longer-term owners of Nvidia NVDA, Marvell MRVL and Eaton ETN.
More Pro Portfolio: (updated March 10)
- We're Adding More Shares of These 5 Portfolio Holdings
- Weekly Roundup: Here's Our Game Plan as We Focus on Our Updated Shopping List
- Big Spenders Vs. Cash-Strapped Shoppers, AI, Hacks and Other News for Investing
At the time of publication, TheStreet Pro Portfolio was long PLTR, QCOM, NOW, ESTC, NVDA, MRVL and ETN.
