Palantir (NYSE:PLTR) stock fell 3.4% in early Friday trade after Jefferies analysts downgraded the rating to Underperform (equivalent to sell).
The new price target of $13 suggests a 20% downside risk based on yesterday’s closing price.
While analysts acknowledge that Palantir “is a unique data asset with a particularly wide technology moat and a data platform that can address complex mission-critical use cases that no other vendor can,” they believe the stock rallied too much, too fast.
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