Palantir Technologies Inc (NASDAQ:PLTR) is having a banner year, with shares up over 235% in the past year and no signs of slowing down.
Market strategist Keith Fitz-Gerald believes this is just the beginning and boldly claims Palantir could compete Oracle Corp (NYSE:ORCL), Cisco Systems Inc (NASDAQ:CSCO) and SAP SE (NYSE:SAP) – and reach $100 per share sooner than you think.
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Fitz-Gerald, speak on Fox Business, shared an enhanced vision for the data analytics powerhouse. He initially predicted a price target of $100 within three to five years, but he now expects Palantir to reach that milestone by the middle of next year. “This thing is a monster,” he said. “No one else has a product like this. It’s a combination of data software that makes software work. Every existing supplier is in trouble right now.”
The analyst’s comparisons to industry giants like Oracle and Cisco come as Palantir continues to disrupt with its innovative data solutions.
Fitz-Gerald highlighted the company’s unrivaled product offering and suggested it could outperform traditional providers who are struggling to adapt to modern data demands.
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The bullish sentiment is not just talk.
Chart created with Benzinga Pro
PLTR stock is flying high above all major moving averages at $66.05:
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Eight-day SMA: $63.56
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SMA of 20 days: $58.00
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50 days SMA: $47.68
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SMA of 200 days: $31.14
These technical signals underscore a strong uptrend, with PLTR’s Moving Average Convergence Divergence (MACD) at 5.51, another indicator of a buying opportunity.
However, investors should note the RSI of 73.03, which suggests that PLTR stock is in overbought territory.
For the long-term believers, Palantir’s trajectory could mirror the meteoric rise of companies like Oracle and Cisco during their heyday. With its unique ability to integrate complex data solutions across industries, Palantir is positioned to dominate a market where legacy systems struggle to keep pace.