Palantir Technologies Inc. was downgraded to underweight at Morgan Stanley, the latest indication of how Wall Street is skeptical of the software company, which has touted itself as a major player within artificial intelligence.
Shares fell 3.7% in premarket trading on Thursday. While Palantir remains up more than 150% this year, a beneficiary of investor enthusiasm for AI, it last closed 18% below a peak hit earlier this month, and it is down almost 60% off a 2021 high.
“While bringing product to market was enough to inspire investor optimism in the past six months, we see the focus shifting to investors parsing out the companies that can drive revenue from these offerings in the most timely and effective ways,” he wrote to clients. “To that end, Palantir still appears very early as the company has clearly communicated that it has yet to determine a monetization strategy for its solution.
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