BUZZ - JPMorgan joins the bullish camp, optimistic about artificial intelligence opportunities; Palantir's stock price rises in response

October 29 - ** Before Thursday's market open, Palantir Technologies (PLTR.O) shares rose 1.1% to $198.88. JPMorgan initiated coverage on this data analytics software company with an “overweight” rating, noting growth opportunities as clients seek to benefit from returns on artificial intelligence investments.

** The brokerage set a target price of $262, about 33% above the stock’s previous closing price; the target price median from London Stock Exchange Group (LSEG) is $223.

** JPMorgan analyst Brian Essex stated that the company’s platform enables enterprises and governments to retain control over data, models, and intellectual property, allowing it to benefit from the rising demand for sovereign artificial intelligence.

** The brokerage added PLTR to its positive catalyst watch list in anticipation of the company’s earnings report scheduled for November 2; although third-quarter results are expected to be generally in line with consensus, analysts believe the company’s execution could provide upside potential.

** Last week, PLTR told Reuters (link) that its NATO military artificial intelligence system does not have a "kill switch," aiming to address European concerns over reliance on US technology.

** According to London Stock Exchange Group (LSEG) data, among 35 analysts covering PLTR, 26 assigned a “strong buy” or “buy” rating, 7 gave a “hold” rating, and 2 recommended “sell” or “strong sell.”

** As of Wednesday’s close, the stock has gained about 11% this year, underperforming the Nasdaq Index (.IXIC), which is up around 14%, and the S&P 500 Technology Sector (.SPLRCT), which is up about 25.5%.

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