Palantir is the best ‘pure play AI name,’: Wedbush

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on Aug 8, 2023
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  • Palantir is the best 'pure play AI name,’ according to Dan Ives of Wedbush Securities.
  • PLTR stock price closed at $17.99 on Monday, down 1.1% after clipping session losses.
  • Ives says demand for Palantir's AI platform will drive significant growth.

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Palantir Technologies Inc. (NYSE: PLTR) has seen three consecutive quarters of profits, a performance that has a number of analysts bullish on the company’s growth potential.

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Dan Ives, the managing director of equity research at Wedbush Securities, told CNBC’s ‘The Exchange’ that of companies within the artificial intelligence space, Palantir sits at the top as “the best “pure play AI name.”

Ives says Palantir is the “Messi of AI”

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According to the analyst, Palantir is offering a core AI platform facing significant growth tailwinds amid a “tidal wave of demand.” While noting that the data analytics firm’s AI outlook has its skeptics, Ives pointed to the possibilities around monetization and expansion from the government to commercial as a key factor in his company’s growth potential.

“I think this is an inflection point call. I mean, this is the ‘Messi of AI’ in my opinion, and you what you’re seeing with AIP, you know [Palantir’s] AI platform, I think it’s a tidal wave of demand that they’re starting to see around the corner and that’s really our call here.”

He added:

“It’s probably the best pure play AI name in terms of them monetizing, not just on the government side but on the enterprise side… this is an inflection point quarter and this remains, in our opinion, one of the core AI names over the coming years.”

Palantir’s stock has rallied 183% year-to-date and more than 120% over the past three months. PLTR closed at $17.99 on Monday, 1.1% down on the day and 7.3% in the past five days.  While a section of Wall Street is still unconvinced with the company’s AI leaning forecasts, CEO Alex Karp has maintained that AI will drive the firm’s next growth chapter – and there’s demand for its products.

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