Palantir Technologies Inc (NYSE:PLTR) shares are trading lower Friday after Monness, Crespi, Hardt & Co downgraded the stock.
Monness, Crespi, Hardt & Co analyst Brian White downgraded Palantir from a Buy rating to Neutral after the stock jumped more than 10% over the last week.
The downgrade comes just a day after Raymond James analyst Brian Gesuale initiated coverage on Palantir with a Strong Buy rating and announced a $20 price target, calling the data analytics company a “cultural unicorn.”
“In this case, we see Palantir as a cultural unicorn, almost mythical, because we can’t think of many multibillion-dollar tech franchises that reject the Chinese market or rebuff China as a low-cost source of labor/manufacturing,” the analyst wrote in a note to clients.
Related Link: Why This Palantir Analyst Says Stock Is A ‘Unicorn’ That Could Double In 1 Year
Palantir is set to announce its second-quarter financial results before the market opens on Aug. 8. Per the long-term guidance of CEO Alex Karp, the company continues to expect annual revenue growth of 30% or greater through 2025.
PLTR Price Action: Palantir has a 52-week high of $29.29 and a 52-week low of $6.44.
The stock was down 5.58% at $9.90 at press time, according to data from Benzinga Pro.
Photo: Cory Doctorow from Flickr.