The analyst suggests a bearish outlook on PLTR, expecting a drop below $125 support to $106, arguing the stock is overvalued and fundamentals will catch up.
PLTR is close to $125 support; if lost, $106 is next. Despite strong earnings growth, the stock has been overvalued for over 12 months and fundamentals need to catch up.
$PLTR is now at $126 in the PM and getting very close to the $125 support level that has been in place since the start of the year If $125 is lost, $106 is next. Many believed $PLTR could not drop -50% from its ATH because they are showing strong growth from their Earnings but no company is exempt from this standard price action They have been overvalued for over 12 months now, fundamentals simply needed to catch up with their overvaluation. Fundamentals matter.
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | -2.3% | -0.9% |
| 1 week | -3.2% | -2.7% |
| 1 month | +4.2% | +3.8% |
| 3 months | — | — |
| 6 months | — | — |