Palantir Is Teaming Up With Google in Bid to Win More Gov Contracts. How Should You Play PLTR Stock Here?

Palantir (PLTR) shares are up more than 6% on Thursday, April 24 after the big data analytics firm teamed up with Google (GOOGL) to integrate its cloud infrastructure into its FedStart initiative. 

According to Leigh Palmer, a vice president at Google, the strategic alliance will bring highly secure and compliant software services to the federal government agencies. 

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“The first independent software vendor to use this new capability is Anthropic,” the tech titan confirmed in a blog post today. 

Including today’s surge, Palantir stock is up well over 70% versus its year-to-date low. 

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What Google News May Mean for Palantir Stock

Palantir stands to benefit from this extended partnership with Google as it could lead to increased adoption of its FedStart platform. 

The team-up is in line with the company’s broader commitment to expanding its footprint in the government sector that already accounts for the bulk of its yearly revenue. 

All in all, integrating Google’s cloud infrastructure into the FedStart initiative could accelerate revenue growth, potentially leading to a material increase in Palantir’s stock price over time. 

PLTR Shares May Be Headed for $125

Piper Sandler continues to see further upside in the big data analytics firm even though PLTR shares have already rallied rather significantly in recent weeks. 

According to the investment firm, it “appears likely” that Palantir will retest its previous high of nearly $125 in the coming weeks. 

Palantir stock has recently broken out of a falling wedge that often signals bullish momentum ahead, the firm’s analysts told clients in a research note. 

Note that PLTR is scheduled to report its quarterly earnings early next month, which may serve as a catalyst that drives its stock price up to $125. 

Other Analysts Disagree with Piper Sandler on Palantir

Despite an extended partnership with Google and Piper Sandler’s bullish view, investors should tread with caution when investing in Palantir stock. 

That’s because the consensus rating on PLTR sits at “Hold” only and the mean target of $84 indicates potential downside of about 20% from here. 

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On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.