Palantir Technologies stock jumped Monday ahead of its earnings next week after analysts at Wedbush initiated coverage of the firm with a 'Buy' rating and a $25 price target.
The software developer "has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade," the analysts wrote in a note to clients.
Shares of Palantir popped 8% Monday afternoon to $19.25.
Palantir is a data company that primarily serves the US intelligence community. It provides AI-driven services to both the public and private sectors.
The Street is projecting revenue of $530.7 million and earnings of $0.05 per share when the company reports its fiscal second-quarter results after the market closes on August 7.
A quarter ago, CEO Alex Karp said that demand for Palantir’s new AI platform is “without precedent.”
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