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Shares of
Palantir Technologies (NYSE:PLTR) surged on Friday after a star investor reportedly bought more of the data analytics company s stock.
As of 2:25 p.m. EST, Palantir s share price was up more than 15%.
So what
On Wednesday,
Goldman Sachs analyst Christopher Merwin lifted his rating on Palantir s stock from neutral to buy and boosted his price forecast from $13 to $34. Merwin applauded Palantir s fourth-quarter results, which included revenue growth of 47%, to $1.1 billion.
Merwin was also pleased by management s projection of greater than 30% revenue growth in fiscal 2021, as well as its long-term goal of $4 billion in revenue by fiscal 2025. He argued that Palantir s $2.8 billion backlog of total deal value at the end of 2020 suggests that the company is well on its way to hitting its expansion targets.
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