Shares of data-analytics firm Palantir Technologies now have an Underweight rating from Morgan Stanley analyst Sanjit Singh, and a $60 target price.

Shares of Palantir (PLTR) dropped more than 5% on Monday as the stock reacted to a new rating from Wall Street. Analysts from Morgan Stanley re-initiated coverage of Palantir with a “sell” recommendation.

But last year, Palantir powered through with its government contracts and commercial ventures and, for the first time, i

Palantir falls as Morgan Stanley assigns an Underweight rating, citing valuation concerns despite strong AI-driven growth and government contracts.

Shares of data-analytics firm Palantir Technologies now have an Underweight rating from Morgan Stanley analyst Sanjit Singh, and a $60 target price.

Palantir shares, which added around $150 billion in market value last year, were a standout performer in the data analytics and AI-tech space as investors bet on the profit potent