Palantir Stock Sets Intraday Record High. Earnings Are Monday. -- Barrons.com

Dow Jones02-01 01:04

By Mackenzie Tatananni

Palantir Technologies stock hit a record intraday high Friday as part of a broader rally in tech stocks, days before the company is scheduled to report fourth-quarter earnings.

The stock set an all-time intraday high Friday of $85.22. At last check, shares were up 4.8% to $84.14. Palantir stock was on pace to surpass a previous record close of $82.38, which it reached on Dec. 24, 2024.

The sharp gains Friday came amid a tech rally compelled, in part, by better-than-expected quarterly earnings from Apple. The iPhone maker also guided for solid revenue growth.

Palantir is set to announce fourth-quarter and full-year earnings after stock markets close on Monday. Analysts surveyed by FactSet anticipate earnings of 11 cents a share and sales of $776 million for the quarter, and earnings of 38 cents a share on sales of $2.8 billion for the full year.

The company was a top performer in 2024, gaining more than 300% on the back of several quarters of revenue growth.

Wedbush analysts last week raised their price target on Palantir stock to $90 from $75 and maintained an Outperform rating on the shares. The analysts cited "unprecedented demand" for Palantir's artificial-intelligence offerings, arguing that the company was poised to capitalize on trillions of AI spending over the next few years.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 31, 2025 12:04 ET (17:04 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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