Shares of
Palantir Technologies (NYSE:PLTR) surged on Friday after a star investor reportedly bought more of the data analytics company's stock.
As of 2:25 p.m. EST, Palantir's share price was up more than 15%.
So what
On Wednesday,
Goldman Sachs analyst Christopher Merwin lifted his rating on Palantir's stock from neutral to buy and boosted his price forecast from $13 to $34. Merwin applauded Palantir's fourth-quarter results, which included revenue growth of 47%, to $1.1 billion.
Merwin was also pleased by management's projection of greater than 30% revenue growth in fiscal 2021, as well as its long-term goal of $4 billion in revenue by fiscal 2025. He argued that Palantir's $2.8 billion backlog of total deal value at the end of 2020 suggests that the company is well on its way to hitting its expansion targets.