Peter Thiel-Backed Stock To Surge 290%, Emerge As Generational Tech Stock, Says Investor Dan Ives

The global head of technology research at Wedbush Securities, Dan Ives, is leaning bullish on analytics software firm Palantir Technologies ( PLTR ).

In a new CNBC interview, Ives says the market cap of Palantir Technologies could skyrocket by around 290% from the current level in a few years.

“I believe this is going to $1 trillion market cap in the next two to three years. These numbers just show, I think, ‘Let’s get to popcorn out.’ It’s still in the early days of playing out.”

As of Monday’s market close, Palantir Technologies is trading at $108 and has a market cap of approximately $256 billion.

While likening Palantir Technologies to soccer superstar Lionel Messi, Ives defends the software analytics firm’s valuation, saying it is justified given the growth opportunities.

“If you go back the last few years, I mean they hated it at $10, despised it at $100 and that would be the continued argument of valuation.

If you look at what’s happened to the artificial intelligence (AI) revolution, $2 trillion of spend over the next three years. On the software side, it’s their world, everyone else is paying rent, income is to Palantir.

So my view is if you look at just on valuation, and if you went back, you’ve missed every transformational tech stock in the last 20 years. If you just focused on valuation, where is this in the next two, three, four or five years?

And I view what [CEO Alex] Karp’s doing at Palantir is generational. But again, the haters are going to hate, I get it. Valuation. Check the box. You look at these numbers, to me, I think this is just another sort of table-pounder moment, you know, for what I view as the Messi of AI, Palantir.”

Billionaire venture capitalist Peter Thiel owns about 4.5% of Palantir Technologies, according to financial data firm Fintel.

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