Palantir Technologies Inc PLTR is experiencing remarkable growth, as evidenced by its stock price skyrocketing over 235% over the last year, showing strong momentum heading into 2024.
Market strategist Keith Fitz-Gerald is optimistic, contending that Palantir could soon rival major players like Oracle Corp ORCL, Cisco Systems Inc CSCO, and SAP SE SAP. He suggests that Palantir may reach $100 per share sooner than expected.
During a discussion on Fox Business, Fitz-Gerald updated his initial forecast, now predicting that Palantir could achieve a price of $100 by mid-next year, a significant acceleration from his prior estimate of 3-5 years. He emphasized the uniqueness of Palantir’s data-driven software, stating, “Nobody else has got a product like it. It’s meshing data software that makes software work.” According to Fitz-Gerald, traditional legacy providers face significant challenges as Palantir continues to innovate.
The analyst’s comparisons with industry giants illustrate Palantir’s disruptive potential in the data analytics market.
Fitz-Gerald underlined that Palantir’s unique offerings enable it to outclass traditional vendors that struggle to keep up with evolving data needs.
Read Also: Palantir’s YTD Returns Surge 298%: Here’s How ETFs With Exposure To Alex Karp’s Company Have Performed
Positive Indicators Bolster Market Enthusiasm
This bullish sentiment is validated by solid technical indicators.
Chart created using Benzinga Pro
Currently, PLTR stock is trading at $66.05, well above major moving averages:
- Eight-day SMA: $63.56
- 20-day SMA: $58.00
- 50-day SMA: $47.68
- 200-day SMA: $31.14
These indicators point to a robust upward trend, with PLTR’s Moving Average Convergence Divergence (MACD) at 5.51, suggesting a favorable buying opportunity. Yet, the Relative Strength Index (RSI) of 73.03 indicates that the stock could be overbought, warranting caution among investors.
Considerations for Long-Term Investors
For those investing long-term, Palantir’s development might echo the rapid ascents of Oracle and Cisco during their peak periods. The company’s exceptional ability to handle complex data solutions positions it well in a market where older systems struggle to keep up with the pace of change.
If Fitz-Gerald’s prediction holds true, Palantir might reach the $100 mark within the next year. However, investors should prepare for potential volatility as market dynamics continue to evolve.
Whether Palantir matches Oracle’s legacy or carves out a distinct path in the tech landscape, it is evident that this data leader is set for continued growth.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
