Deutsche Bank analyst Brad Zelnick downgraded Palantir Technologies to Sell from Hold with a price target of $8, down from $11. The company’s Q2 report leaves “little to hang our hat on,” Zelnick tells investors in a research note. The analyst says the results leave little support to his previous positive thesis on the company’s government business, given the further deceleration off easier comps and lower visibility going forward. In addition to the lowering of sales expectations, Palantir is also “aggressively” spending, which is elevating its risk profile, contends Zelnick.
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