Palantir Technologies' (PLTR) latest quarterly report shows that its US private-sector customers now spend more on the company's software than its US federal clients do. And Wall Street is paying attention to that change.
In a BofA research note shared with me, analyst Mariana Perez Mora reiterated a Buy rating on Palantir with a price target of $255.
The call came after Palantir reported its quarterly results. At the time, PLTR was trading around $178, so her price target suggests potential gains of about 43% over the next 12 months.
Palantir builds software that large organizations use to pull their data together in one place and run it through artificial intelligence tools.
The company's main products are Foundry for private companies, Gotham for government agencies, and AIP, which lets customers use AI on their own data without handing that data to outside model providers.
Commercial customers just outspent the government for the first time
Palantir reported third-quarter revenue of $2.31 billion on November 2. That's a 96% increase from the same quarter last year. CFO Dave Glazer told investors on the earnings call that the 96% revenue increase was Palantir's highest ever as a...