Citi cuts Palantir price target to $210 from $260, keeps Buy

Citi lowered its Palantir price target to $210 from $260 and kept a Buy rating. The cut reflected a compression in software valuation multiples across the sector rather than a weaker business view. Palantir shares were already down about 19% year to date at the time.

• Price target cut to $210 from $260
• Rating unchanged at Buy
• Cause: sector-wide software multiple compression
• Stock down about 19% year to date at publication