March 5 - Jefferies has reiterated its valuation concerns over Palantir (PLTR, Financial) stock, with equity researcher Brent Thill maintaining an Underperform rating. Thill set a $60 price target, implying about 31% downside from current levels.
Thill's note also emphasized persistent insider selling, with CEO Alex Karp offloading roughly $45 million in shares over the past six months. This sale represents nearly 21% of his stake and raises further concerns about leadership confidence.
Palantir's valuation has collapsed from its all time high of around 61 times CY 2026 revenue down to about 39 times, but remains very high relative to its competitive set. With the compression, the current multiple is almost twice the next highest software firm and Thill notes this may still be happening.
Meanwhile, most Wall Street analysts have not revised their forecasts, though William Blair shifted its outlook from Underperform to Market Perform on March 5. The upgrade anticipates range-bound trading until broader market improvements emerge.
Investors continue to monitor these developments closely as market sentiment remains cautious.
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