Palantir jumps to fresh record after announcing shift to Nasdaq listing
Updates stock activity
** Shares of Palantir Technologies PLTR.N up 6.6% to $63.08 early Fri after data analytics firm said it will transfer listing to Nasdaq .IXIC exchange from the NYSE
** PLTR jumps as much as 7.3% to $63.50, exceeding prior all-time intraday high of $63.39 hit on Weds
** Co late Thurs announced it expects to begin trading on Nasdaq beginning Nov 26 under same symbol "PLTR"
** It also said expects to be eligible for Nasdaq-100 index .NDX upon transferring
** Last week, co raised FY rev forecast for the third time, benefiting from boom in generative AI
** PLTR shares have more than tripled YTD, and have now surged roughly 50% in Nov, giving them current market value ~$145 bln, per LSEG
** Avg rating among 19 analysts covering PLTR is "hold"; median PT up from $28 a month ago to $39, but implies ~34% downside to stock's last close - LSEG
** Stock trading at ~131x forward earnings vs its 2-yr avg of ~63x
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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