The Koyfin-compiled consensus price target for Palantir is $149.27, implying 19% downside from current levels.
Palantir Technologies, Inc. (PLTR) ran up to a record high on Tuesday, thanks to the company’s stellar quarterly results last week and the benign U.S. inflation report that catalyzed a broader market rally. Since then, the stock has reversed course, ending Wednesday’s session down 1.39% to $184.37.
However, its recent run has spurred a war of words between two well-known market commentators.
Ahead of Wednesday’s session, CNBC Mad Money host Jim Cramer put out a post on X, expressing hopes that the stock would run up to $200, after telling investors yet again that they would not have to “wait too long!!!”
The post attracted the attention of Andrew Left’s Citron Research, which took a swipe at Cramer: “When exactly did Jim Cramer pivot from market commentator to full-blown stock promoter?”
“I’ve always had respect for Jim — he’s got one of the toughest jobs in finance — but posts like this are flat-out negligent when it comes to his audience’s wallets. Palantir at these levels isn’t an ‘easy money’ story; it’s a high-multiple, hype-driven narrative,” the research firm said.
“If it falls back to $150, will we suddenly see him ‘ringing the register’ and telling everyone it was obvious all along?”
Left’s online investment newsletter, Citron Research, has not published short reports since January 2021, after facing backlash and threats over its GameStop call that helped spark a massive short squeeze. Despite this retreat, Left faced multiple civil and criminal charges from both the SEC and the Justice Department, which alleged he illegally manipulated the stock market.
Left also weighed in on Palantir in his appearance on Fox News on Wednesday. When asked about his short position in the Alex Karp-led artificial intelligence (AI)-powered data analytics company, he said Palantir is a “great” company but expressed unease about its valuation.
“But if this was the greatest company that was ever created and we give it the same multiples, Let’s say as Nvidia as in 2023, the stock still could get still cut by two-thirds,” he said, adding that, that would be 35 times sales.
“I stopped looking at the ratios because they have so absurd.”
Chart courtesy of Koyfin<
According to Left, a more rational valuation for the stock could be $65 or $70.
On Stocktwits, retail sentiment toward Palantir stock has turned ‘neutral’ by late Wednesday from ‘bullish’ a day ago. The message volume change was also ‘normal.
Palantir stock has gained 144% this year, the best performer on both the S&P 500 and Nasdaq. The Koyfin-compiled consensus price target for Palantir is $149.27, implying 19% downside from current levels.
For updates and corrections, email newsroom[at]stocktwits[dot]com.