Why Palantir Technologies Stock Soared on Friday
Shares of Palantir Technologies (NYSE: PLTR) charged sharply higher Friday, spiking as much as 10.8%. As of 3:22 p.m. ET today, the stock was still up 10.5%.
While the rising tide of the market no doubt added fuel to its increase, the catalyst that sent the artificial intelligence (AI) and data mining specialist higher was coverage initiation and bullish commentary from a veteran Wall Street analyst.
Wedbush analyst Dan Ives initiated coverage on Palantir with an outperform (buy) rating and a $25 price target, which represents potential upside for investors of 55% compared to Thursday's closing price. But it was as much the analysts' bullish commentary that sent the stock soaring.
Source Fool.com
