Wedbush analyst Dan Ives reiterated an Outperform rating and $230.00 price target on Palantir Technologies Inc. (NASDAQ: PLTR)

The analyst commented, "Palantir has been under pressure over the past few days, including down 7% today, after Anthropic released a new product around multi-agent orchestration, which continues to add more headwinds to the software sector. While Anthropic is hitting a new scale with the company now at $30 billion ARR, up from $9 billion at the start of the year, we believe this is not at the expense of PLTR’s business as the company continues to accelerate both its US commercial and government businesses with US Commercial growing 137% y/y and US government accelerating 66% y/y. We acknowledge the growth from Anthropic is unprecedented, but we believe the take that Anthropic is eating PLTR's lunch, (most recently amplified by Michael Burry's now-deleted post on X earlier today), is the wrong take and fictional narrative (in our view) as Palantir is at the epicenter of leaders in the AI Revolution while its AIP product moat remains unmatched in our view. The data driven moat by Palantir is around the data and its ontology...this is NOT being disrupted by Claude...if anything its accelerated on the enterprise."

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Shares of Palantir Technologies Inc. closed at $140.76 yesterday.