Palantir Technologies (PLTR) extended its post-earnings rally on Friday, climbing as much as 10% and adding to a 27% surge earlier in the week following the company's strongest-ever quarterly results. Second-quarter revenue hit $1.94 billion, up 92.8% year-over-year and easily beating the $1.81 billion consensus estimate. Earnings per share of $0.41 topped the $0.34 forecast, reflecting rapid commercial growth and robust government contract performance.
A softer-than-expected July jobs report further fueled the tech rally by dampening expectations of a near-term Federal Reserve rate hike. Analysts moved aggressively to raise their outlooks: Bank of America increased its price target to $255, implying around 50% upside, while Mizuho lifted its target to $215 and Deutsche Bank upgraded the stock to buy. Northland Securities also raised its FY2026 EPS estimate to $1.24, signaling confidence that Palantir's earnings momentum is sustainable.
Despite the upbeat sentiment, valuation risks remain. PLTR trades at a price-to-earnings ratio of 147, and insiders have sold over 1.1 million shares worth roughly $150.7 million in the past 90 days. The consensus analyst rating sits at Moderate Buy with an average target of $190.73. The stock's 52-week range is $106.37 to $207.52, with a market capitalization of $412.36 billion.
