After a strong first seven months of 2023, is it too late to buy Palantir Technologies (NYSE:PLTR) stock? Definitely not, as Palantir Technologies is a consistent winner in the areas of data analytics and artificial intelligence (AI) technology. The company has even been compared to a well-known sports star, and Palantir fully deserves this accolade.
Palantir Technologies isn’t a member of the “Magnificent Seven” technology stocks. Maybe there should be another list called the “Great Eight.” I would include Palantir in that list, and anyone who hasn’t invested in the company yet should consider buying a few shares today.
PLTR Stock Is Like a Soccer Champion
Earlier this year, Palantir Technologies’ management claimed that the company is “a worldwide leader in Artificial Intelligence.” But it’s one thing for management to brag about a company; it’s quite different when a Wall Street analyst has glowing praise for that company.
Thus, it’s notable that Wedbush analyst Dan Ives called Palantir Technologies the “Messi of AI.” Ives was referring to Lionel Messi, a world-famous soccer player.
Furthermore, Ives initiated his coverage of PLTR stock with an “outperform” rating and a price target of $25. This implies significant upside from the current share price.
Palantir Technologies has, according to Ives, “built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade.” Moreover, this “fortress” will enable Palantir to develop and deploy an “unlimited number of AI applications” that “redefine business processes across verticals.”
It’s not every day that Ives has this much praise for a company. The analyst claims that Palantir Technologies has a “generational opportunity to gain a significant share” of the total addressable market (TAM) in AI, which Ives expects to reach $800 billion.
Palantir Technologies’ Growing List of Beneficial Deals
Don’t get the wrong idea here. Ives’ bullish argument is powerful, but I want you to conduct your own due diligence before buying PLTR stock.
As you learn more about Palantir Technologies, you’ll undoubtedly be impressed with the mutually beneficial agreements that Palantir has formed. The company works with private businesses as well as government entities.
In the public sector, the Defense Information Systems Agency (DISA) selected Palantir Technologies to provide automation capabilities. This will help to “enhance coordination” and automate workflows between the Department of Defense (DoD) and “commercial spectrum licensees.”
Moving on to the private sector, Palantir Technologies is reportedly teaming up with J.D. Power, a fellow data analytics company. The two companies will collaborate to develop generative AI and “predictive analytics solutions.” These solutions will, according to the press release, “facilitate deeper insights and more strategic decision making by the automotive industry.”
In addition to all of that, Palantir Technologies recently renewed its partnership in Australia with construction equipment dealer WesTrac. This is significant because WesTrac is among the world’s largest equipment dealers for Caterpillar (NYSE:CAT).
PLTR Stock: A Superstar in the Making
Palantir Technologies isn’t part of the “Magnificent Seven,” but so what? Today, we can acknowledge that Palantir is indeed the “Messi of AI” and a member of what might be called the “Great Eight.”
So, don’t let the opportunity pass you by as Palantir Technologies continues to grow its client base. If you’re ready, you can choose to buy PLTR stock today or add to your position if you’re already invested.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.