TLDR
- Wedbush reiterated its Outperform rating on PLTR with a $230 price target, nearly double the current price of ~$115.
- PLTR has fallen roughly 30–40% in 2026, with the stock near its 52-week low of $113.92.
- Palantir reported 85% year-over-year revenue growth in Q1 2026, hitting $1.63 billion, with EPS up 154%.
- The company signed $2.4 billion in new contracts in Q1, pushing its remaining deal value to $11.8 billion.
- A new partnership with Zeta Global is expected to generate over $100 million in revenue for Zeta over multiple years.
Palantir Technologies (PLTR) has had a rough 2026. The stock is down around 30% year to date and was trading near $115 on Tuesday — close to its 52-week low of $113.92. Despite that, Wedbush kept its Outperform rating and $230 price target in place, implying nearly 100% upside from current levels.
Palantir Technologies Inc., PLTR
The price target stayed unchanged even as PLTR has shed roughly 40% over the past six months. Wedbush’s stance is clear: the market is underestimating what Palantir actually does.
The firm said Palantir remains at the forefront of enterprise AI development and that many investors still don’t fully understand the company’s capabilities. That’s a pointed comment about the disconnect between the stock’s performance and its business results.
And the business results have been strong. In Q1 2026, Palantir posted revenue of $1.63 billion — up 85% year over year. Non-GAAP earnings per share came in at $0.33, a 154% jump from the same period last year. The broader tech sector saw earnings growth of around 45% in the same quarter, so Palantir’s numbers stand out.
Gross profit margins sit at 84%, which reflects just how efficient the software business is.
New Zeta Partnership Adds to Revenue Pipeline
Palantir also announced a strategic partnership with Zeta Global, focused on enterprise marketing through a combined AI and data infrastructure. The deal uses Palantir’s Foundry platform to overhaul Zeta’s Data Cloud, connecting operational and customer intelligence using what both companies describe as agentic AI.
Wedbush flagged this as a meaningful development in the marketing infrastructure space. The partnership is expected to bring in more than $100 million in revenue for Zeta over multiple years.
It’s one of several recent moves. Palantir is also playing a key role in the U.S. Army’s Next Generation Command and Control program, building a common data layer using Foundry to support the Army’s modernization efforts.
Backlog Points to Future Growth
One of the more telling data points is Palantir’s remaining deal value (RDV) — the total value of contracts that have been signed but not yet fulfilled. At the end of Q1, RDV nearly doubled year over year to $11.8 billion.
The company signed $2.4 billion in new contracts during the quarter, which was well above its actual revenue for the period. That means demand is running ahead of delivery, which typically supports future revenue growth.
Palantir’s full-year 2026 revenue guidance stands at $7.66 billion.
On the valuation side, PLTR trades at a trailing price-to-earnings ratio of 134 and a forward P/E of 81 — still well above the Nasdaq average of 41. Even with the pullback, it’s not a cheap stock by conventional measures. However, InvestingPro data flags it as currently overvalued relative to its Fair Value estimate.
UBS holds a Buy rating with a $200 target. Wolfe Research recently upgraded to Peerperform.
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