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Why Palantir Stock Rallied Today

TheMotleyFool

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Shares of Palantir Technologies (NYSE: PLTR) rose on Monday, following an analyst upgrade. As of 3:05 p.m. ET, the data analytics company's stock price was up 2% after rising as much as 7.2% earlier in the day.

Morgan Stanley analyst Keith Weiss raised his rating on Palantir's shares from underweight to equal weight. Though he cut his price forecast from $24 to $16 to reflect investors' recent reticence to pay high valuation multiples for tech stocks, his new estimate is still more than 40% higher than Palantir's current price near $11.25.

Image source: Getty Images.

Source Fool.com

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