Credit Suisse analyst Brad Zelnick downgraded Palantir to Underperform from Neutral with a price target of $17, up from $13. The stock’s valuation is “disconnected from fundamentals,” trading over 50% above a “previous blue sky scenario,” Zelnick tells investors in a research note. With the stock trading at 46 times enterprise value to 2021 revenue, the risk/reward is “skewed to the downside,” says the analyst. Zelnick believes the current valuation “ignores a number of risks,” including heightened large deal scrutiny and founder control.