Shares of $Palantir (PLTR.US)$, a data analytics company, traded lower on Friday after Barron's reported that Jefferies analyst Brent Thilla downgraded the stock to Underperform from Neutral.
The analyst also cut the price target on the stock to $13 from $18, suggesting a 20% downside from current levels, according to Barron's.
Thill expressed concerns about the stock rallying to unsustainable levels, riding on the AI euphoria, with no monetization strategy. Also, longer-than-expected demand recovery in the company's commercial and government business will weigh down on growth in 2024, he said.
The stock ended 2023 with a gain of 167%.
In premarket, Palantir stock fell 3.88% to $15.62, according to Benzinga Pro data.
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