Palantir CEO Alex Karp (Brendan Smialowski/Getty Images)

Analyst hikes Palantir price target after conference comments

But the Street’s target is still way behind the market price.

6/11/25 3:10PM

Mizuho analysts lifted their price target on Palantir shares to $116 from $94 on Wednesday, following comments company executives made at the Japanese bank’s technology conference in New York this week.

The synopsis of those comments provided in a brief note Wednesday aren’t awe-inspring. Basically Palantir CFO David Glazer restated the company’s default position that there is “unprecedented” demand for the software company’s AI Platform (AIP) product. Mizuho wrote:

“We are raising our price target to $116 (from $94) on Palantir’s strong recent execution and significant upward revisions, along with recent appreciation in competitor multiples. Our price target reflects 2025E-26E EV/ Sales multiples of roughly 80x and 65x. This also equates to a large 6x premium to our enterprise software peer group median for next year, reflective of Palantir’s strong strategic positioning with large customers, and potential for further accelerated growth in future years.”

It’s worth noting that even with that insane valuation — an EV-to-2025-sales multiple of 80x compared to a roughly 5x valuation on the Nasdaq Composite — Mizuho’s price target is still more than 15% below Palantir’s market price.

Mizuho isn’t alone. Since shares of Palantir exploded last year in the wake of the US presidential election, Wall Street price targets for the shares have largely failed keep up.

Despite being incredibly optimistic on the company’s business — Wall Street expects sales to keep growing more than 30% annually through 2027 — analysts simply can’t come up with plausible earnings estimates and valuation multiples that support where the shares have gone, at least in terms of traditional stock market math.

That can happen when a company’s stock is embraced by the unwashed retail masses, as Palantir shares have been, with the price becoming increasingly dependent on euphoric market sentiment rather than actual fundamentals. The textbook example of this phenomenon is Tesla, where the shares have become so divorced from fundamentals like vehicle deliveries and profits that it trades almost entirely on vibes.

CAMARILLO, CA FEBRUARY 09: A cannabis farm worker de-leafs cann

Trump signs executive order expediting reclassification of marijuana as a less dangerous drug

Rescheduling would lift regulatory pressures that have been weighing on US cannabis operators' margins. Shares of weed companies, many of which don’t sell cannabis in the US, tumbled an hour before the executive order was signed.

J. Edward Moreno2h

Max Knoblauch3h

Rivian climbs as it rolls out a “universal hands-free” update and scores an upgrade from Baird

Shares of EV maker Rivian are on pace for their 10th best day of 2025 on Thursday, following an upgrade from Baird to “buy” from “hold” and the rollout of its new hands-free driving update.

Baird raised its price target on Rivian nearly 79% to $25, writing that “2026 is the year of R2.”

Meanwhile, Rivian says its new hands-free feature will allow drivers to take their hands off the wheel across 3.5 million miles of US and Canadian roads.

Despite referring to it as “universal hands-free” driving, the EV maker says the feature will not stop or slow for traffic lights or stop signs, follow navigation systems, or make turns, and will function only on roads with visible lane lines.

Rivian revealed the update at its AI Day last week, when it also hinted at a robotaxi plan.

Rivian rolls out new 'Universal Hands-Free' driving feature | TechCrunch

Meanwhile, Rivian says its new hands-free feature will allow drivers to take their hands off the wheel across 3.5 million miles of US and Canadian roads.

Rivian revealed the update at its AI Day last week, when it also hinted at a robotaxi plan.

Matt Phillips4h

The stock market loves your rising electricity bill

Utilities with a footprint in the massive PJM Interconnection, the country’s largest power grid, were up Thursday after prices set in a key auction hit a record high of $333.44 per megawatt-day.

Such power providers, including Talen Energy, Constellation Energy, and Vistra, saw tidy gains shortly before midday.

“This auction leaves no doubt that data centers’ demand for electricity continues to far outstrip new supply, and the solution will require concerted action involving PJM, its stakeholders, state and federal partners, and the data center industry itself,” Stu Bresler, set to become PJM’s chief operating officer next month, told Reuters.

As I’ve previously mused, political pushback from high power prices, partially created by the AI boom, could become a constraint on development of such sites. Democrats in the US Senate are now calling for hearings on the issue.

It’s fertile political soil. This morning’s US CPI report for November showed electricity prices up nearly 7% year over year, the highest since the tail end of the postpandemic inflation in April 2023.

Costs on Key US Grid Hit New Record, Testing Affordability

Luke Kawa5h

Micron’s earnings, soft inflation, and OpenAI valuation chatter revive speculative AI trade

The three biggest news events since markets closed yesterday are all helping spur a big bounce-back for the more speculative companies tied to AI:

Micron’s eye-popping Q2 guidance reaffirmed beyond a shadow of a doubt how hot AI demand continues to run in the near term.
While the data is undoubtedly messy, core CPI inflation decelerated by much more than anticipated in November. Lower rates are a clear positive for more marginal companies levered to the AI theme, whose stocks trade with a higher embedded risk of default and whose bonds have also been suggesting more credit risk as of late.
OpenAI reportedly getting its hands on more money (and commanding a higher valuation in the process) provides some semblance of valuation support for these firms and also a better fundamental foundation as well: more cash in CEO Sam Altman’s pockets means more cash he has to make good on commitments to OpenAI’s many suppliers.

Put together, the key news items since Wednesday’s close are producing massive gains for the likes of Bloom Energy, Cipher Mining, POET Technologies, CoreWeave, IREN, and Nebius.

Matt Phillips5h

GE Vernova upped to “buy” at Jefferies

GE Vernova is up early, enjoying the benefits of both a rebound in the AI data center trade and an upgrade to “buy” from analysts at Jefferies. In a note published on Thursday, they wrote:

“We upgrade to Buy. More positive on the outlook for Power (gas pricing & services visibility) and electrification yet shares are down since the December 9th Analyst Day. $815 PT up from $736. Gas turbine pricing continues to positively surprise and services provides visibility deeper into the 2030s, eventually offsetting gas equipment weakness.”

The target is slightly above the FactSet consensus price target of $753 on the stock, and implies a 23% premium to GE Vernova’s closing price on Wednesday. The stock is up almost 100% in 2025.