Palantir Technologies 可能因其最新财报而回落，但华尔街分析师仍看好该股前景。这家软件公司公布的经调整每股收益为 44 美分，高于 LSEG 调查的分析师预期的 41 美分。营收达 23.1 亿美元，超过 21.8 亿美元的共识预期。美国商业营收也翻了一倍多，达到 9.84 亿美元，在该公司历史上首次超过美国政府营收。
Palantir Technologies may have pulled back following its latest earnings report, but Wall Street analysts are still bullish on the stock's prospects. The software company posted adjusted earnings of 44 cents per share versus the 41 cents expected by analysts polled by LSEG. Revenue came in at $2.31 billion, exceeding the $2.18 billion consensus. U.S. commercial revenue also more than doubled to $984 million, topping U.S. government revenue for the first time in the firm's history.
然而，公司报告的每笔预订总合同价值数字相对疲软，且非美国商业预订增长放缓。周二盘前交易中，股价下跌逾 7%。但根据 William Blair 分析师 Louie DiPalma 的说法，随着 Palantir 继续证明其增长“比其他公司更具韧性”，该公司股价应能收复失地。“科技投资者对 AI 生态系统中各公司的业绩给予了更严格的审视，”DiPalma 周二在致客户的报告中表示。
However, the company reported relatively soft total contract value per booking figures and non-U.S. commercial booking growth. Shares fell more than 7% in premarket trading on Tuesday. But the company's stock should regain ground as Palantir continues to demonstrate that its growth is "more resilient than others," according to William Blair analyst Louie DiPalma. "Tech investors have placed greater scrutiny on the results of companies across the AI ecosystem," DiPalma said Tuesday in a note to clients.
“出于对近期增长不可持续的担忧，许多 AI 供应链提供商的估值已腰斩……我们认为，Palantir 的增长应比其他公司更具韧性，因为其营收具有经常性，且有一半来自国防机构。我们预计 Palantir 的商业和政府营收增长将在未来几年保持高位。”William Blair 对该软件股给予“跑赢大盘”评级。其分析师还认为，未来一年股价有上涨至 200 美元的空间。
"The valuations for many AI supply chain providers have been cut in half on concerns that recent growth is unsustainable…In our view, Palantir's growth should be more resilient than others because its revenue is recurring, with half coming from defense agencies. We expect that Palantir's commercial and government revenue growth will remain elevated for the next several years." William Blair has an outperform rating on the software stock. Its analyst also sees upside to $200 over the next year.
以下是华尔街其他机构对 Palantir 的看法。Deutsche Bank：买入，目标价 240 美元 “Palantir 交出了另一个非常强劲的季度，尽管商业和政府业务规模日益庞大，两者增长均在加速……这种增长与盈利的结合使 Palantir 的‘40 法则’得分达到 158，标志着其连续第 13 个季度提升。
Here's what other shops on Wall Street are saying about Palantir. Deutsche Bank: Buy, $240 "Palantir delivered another very strong quarter, with growth accelerating across both Commercial and Government despite the increasingly significant scale of each business…This combination of growth and profitability drove Palantir's Rule of 40 score to 158, marking its 13th consecutive increase.
我们认为，业绩继续凸显 Palantir 在企业软件领域的差异化地位，这得益于产品卓越性与艺术性的独特结合。” 美国银行：买入，目标价 255 美元 “我们认为 Palantir 是商业和政府终端市场对人工智能（AI）平台需求快速增长的受益者。Palantir 在 AI 驱动软件市场的主导地位、差异化的本体驱动及高度安全的解决方案以及面向主权 AI 应用的产品，支撑其在中期实现强劲的盈利增长。对现代化军事和情报能力的迫切需求可能为 Palantir 提供重大机遇。”
In our view, results continue to underscore Palantir's differentiated position in enterprise software, supported by a distinctive combination of product excellence and artistry." Bank of America: Buy, $255 "We see Palantir as a beneficiary of rapidly growing demand for Artificial Intelligence (AI)-platforms in both commercial and government end-markets. Palantir's dominant position in the AI-powered software market, differentiated ontology-powered & highly secure solutions and offerings for Sovereign AI applications support strong profitable growth in the midterm. Increased urgency on modernizing military and intel capabilities may provide significant opportunities for Palantir."
瑞银：买入，目标价 250 美元 “Palantir 交出另一份令人印象深刻的增长业绩，总营收增速加快 3 个百分点至 96%，2026 财年第三季度环比营收增长 3.78 亿美元创纪录，且以‘正常’的 6% 超额，2026 财年第四季度指引暗示营收增长 100%，再次加速。财报中唯一真正的瑕疵是[剩余履约义务]/积压订单环比持平（自 2023 财年第一季度以来首次），Palantir 将其主要归因于合同期限缩短。”
UBS: Buy, $250 "Palantir posted another impressive growth result, with total revs growth accelerating 3-points to 96%, 3Q26 sequential revs growth of $378m a record and with a "normal" 6% beat, the 4Q26 guide implies 100% revs growth, another acceleration. The only real flaw in the print was the sequentially flat [remaining performance obligations]/backlog (first time since 1Q23), which Palantir pinned mostly on shorter contract durations." JPMorgan: Overweight, $262 "Beat and raise results with $2bn of revenue for the quarter, growth accelerating to 96% [year over year] and 62% operating margins.
摩根大通：增持，目标价 262 美元 “业绩超预期并上调指引，单季营收达 20 亿美元，增速加速至 96%[同比]，经营利润率 62%。Palantir 已将自己定位为一流的 AI 驱动平台，旨在通过 AI 与工作流的优雅集成，从根本上改变商业和政府组织的运作方式。对公司 AI 驱动转型平台（及主权 AI）的需求正在加速，我们正处于主权 AI 采用的‘早期阶段’。政府营收增速加速至 81%[同比]，商业营收加速至 113%[同比]，并首次占 PLTR 业务的 50% 以上。”
Palantir has positioned itself as a best-of-breed AI-driven platform built to fundamentally transform the way Commercial and Government organizations operate with elegant integration of AI…and workflow. Demand for the company's AI-driven transformation platform (and Sovereign AI) is accelerating and we are in the 'early innings' of Sovereign AI adoption. Government revenue growth accelerated to 81% y/y while Commercial revenue accelerated to 113% [year over year], and accounted for over 50% of PLTR's business for the first time."
摩根士丹利：持股观望，目标价 233 美元 分析师 Sanjit Singh 将目标价从 205 美元上调至 233 美元。
Morgan Stanley: Equal-weight, $233 Analyst Sanjit Singh raised his price target on shares to $233 from $205. The new target is nearly 31% above the level at which Palantir last closed.
新目标价比 Palantir 上一收盘价高出近 31%。Citi 给予“买入”评级，目标价 250 美元：“第三季度又是一个超预期的营收季度，PLTR 在营收和利润两条线上都大幅超出预期…… 若非要挑刺，我们会认为以总合同价值（TCV）同比增长 6%、商业剩余交易价值（RDV）同比增长 79% 来看，预订指标相对较弱。话虽如此，这些指标面临艰难的同期比较基数，我们倾向于采用两年累计视角，这显示出持续的 100% 以上增长；同时也注意到企业端存在一定季节性。此外，计算账单强劲，同比增长约 100%，而第四季度指引高端假设 89% 的增长率，比第三季度指引高端快 6 个百分点，表明尽管继续面临艰难的同期比较基数，第四季度仍有望再次加速。我们期待管理层在第四季度就预订情况及企业/政府业务组合提供更多评论。”
"Impressive as it was to see [revenue] growth accelerate for the 13th qtr in a row, PLTR is entering a new phase of growth powered by the sovereign AI / open-weight model movement. We see the company as a primary beneficiary." Citi: Buy, $250 "Q3 was another superb revenue quarter as PLTR decisively beat expectations on both top and bottom lines… If nitpicking, we'd argue bookings metrics with [total contract value] +6% [year over year] and Commercial [remaining deal value] +79% [year over year] were less strong. That said, these faced tough compares and we're inclined to look at a 2-year stack view which indicates sustained 100%+ growth and note some enterprise seasonality. Furthermore, calculated billings were robust at ~100% [year over year], while the high-end of Q4 guidance assumes an 89% growth rate, 6 [points] faster than the Q3 high-end guide, suggesting additional acceleration ahead once again in Q4 despite continued tough compares. We look for additional commentary on bookings and enterprise/government mix into Q4."