In the grand theater of Wall Street, where optimism blooms like mushrooms after rain, the chorus of analysts sings its eternal hymn. Among the 503 stocks of the S&P 500 (^GSPC), a sprightly 409 are adorned with the golden halos of “buy” or “strong buy.” Yet even in this Eden of bullishness, shadows stretch long. A single voice of woe pierces the chorus-a Wall Street Cassandra who beholds not a phoenix in Palantir Technologies (PLTR), but a candle burning at both ends.
An AI favorite, or a modern-day Balagula?
Palantir Technologies-a name that rings like a conjurer’s incantation-has soared like a firebird in the firmament of AI stocks. Since 2023, its shares have multiplied 23-fold, a feat that would make even Midas blush. True, the bird has dipped its wings recently, shedding double-digit feathers from its peak. Yet year-to-date, it still doubles as both phoenix and ashes, reigning as the S&P 500’s unrivaled belle of the ball.
The alchemy? Software that spins data into gold, detecting patterns and whispering AI-fueled prophecies. In Q2 2025, revenue swelled 48% year-on-year-a torrent that CEO Alex Karp likens to “a thousand rivers bursting their dams.” To shareholders, he declared: “This growth would make a startup of our size the talk of the town. For us, it is… a symphony without precedent.”
The Cassandra of Wall Street
Yet lo! Amidst the revelry sits Rishi Jaluria of RBC Capital-a modern Cassandra, cursed to foresee doom while the court scoffs. His 12-month price target hangs like Damocles’ sword, 70% below Palantir’s current price. “Valuation,” he intones, “is a house of cards dressed as a fortress.” Even after boosting his target from $40 to $45-a gesture as futile as bailing the sea with a sieve-he warns of a “risk-reward profile uglier than a tax audit.”
Three other analysts join his dirge, while 17 hedge their bets with “holds.” The average price target? A timid step below today’s price, as if fearing to offend the market’s delicate sensibilities. Jaluria, however, singles out Microsoft and Intuit as “winners in the AI sweepstakes”-stocks less prone to evaporate like morning dew.
Will the sky fall? Or merely drizzle?
Could Palantir plummet 70%? The question hangs like fog over a graveyard. This scribe suspects Jaluria’s prophecy errs on the side of melodrama-a 70% drop would require market madness akin to tulip mania redux. Yet even skeptics concede: Palantir’s valuation soars higher than Icarus’ waxen wings, its forward P/E of 250 a number that would make a Cossack blush.
Jefferies’ Brent Thill calls the premium “disconnected from reality,” while Mizuho’s Gregg Moskowitz praises Palantir’s “uniqueness”-a quality that might grant it a higher floor than bears imagine. Perhaps herein lies the truth: markets are not casinos but circuses, where logic pirouettes with absurdity beneath the big top’s cracked dome. 🧨
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2025-08-26 12:54