Palantir Stock Investors Just Got Great News From a Wall Street Analyst (Hint: The Stock Could Soar)

JPMorgan Chase (JPM) analyst Brian Essex initiated coverage of Palantir (PLTR) with a buy rating and a $262 price target, implying 63% upside from PLTR's $160 share price.

Essex is endorsing a stock that carries the richest valuation in the S&P 500 at 53x sales. His case rests on growth rather than multiple: Palantir has posted 13 consecutive quarters of accelerating revenue growth, with Q3 revenue up 96%. Full-year 2026 guidance was raised to 156% growth.

Interpretation: the call is a bet that growth of that scale can absorb a 53x sales multiple. Essex frames the premium as earned by Palantir's AI platform leadership and fundamentals, which means the thesis stays intact only while acceleration continues. A premium this large leaves little room for a quarter where growth merely holds steady rather than speeds up.

The initiation from a major bank also adds a high-profile buy rating to a stock already priced at the top of the index on a sales basis. The $262 target sets a concrete benchmark against which the current $160 price will now be measured.