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Palantir Technologies (PLTR) revealed that it has signed a deal worth $111 million with the United States Special Operations Command (USSOCOM) to continue to serve as its enterprise data management and AI-enabled mission command platform. This is a part of the Mission Command System/Common Operational Picture program.
The entire contract includes a base year and an additional one-year extension option. (See Palantir Technologies stock analysis on TipRanks)
Palantir’s Global Defense Lead Doug Philippone commented, “When Special Operators are risking their lives in no fail scenarios, they deserve technology that works. Our partnership with USSOCOM was one of our first in the U.S. military, and we are honored to keep providing technology that gets the job done while we partner on the future of what is possible.”
Palantir has been serving the USSOCOM for the last ten years. Furthermore, the company’s platform has been used together with other global situational awareness architecture components on real-time mission operations since 2016.
Following the first-quarter results, RBC Capital analyst Matthew Hedberg reiterated a Hold rating and decreased the price target from $27 to $20 (12.9% downside potential) on the stock.
Hedberg said that price target reduction comes from the comp group’s multiple compression though the company reported strong revenue, margins, and cash flows during the quarter.
Overall, the stock has a Hold consensus rating based on 2 Buys, 3 Holds, and 4 Sells. The average analyst price target of $21.75 implies 5.2% downside potential from current levels. Shares of PLTR have jumped 141.6% over the past year.