Goldman Sachs: Palantir Up 15% After Earnings, Price Target Raised to $204

According to TechFlow Research, Palantir's Q2 revenue was $1.95 billion, up 93% year-over-year, beating market expectations by 7%, with the after-hours stock price rising 15% following the earnings release. U.S. commercial business grew 150% year-over-year, accelerating further from 133% in the previous quarter. U.S. government business grew 90% year-over-year, also higher than 84% in Q1. Average revenue from the top 20 customers was $124 million (up 67% year-over-year), total contract value was $2.1 billion (up 118% year-over-year), and net revenue retention rate was 157%. Goldman Sachs raised its 12-month price target from $183 to $204, maintaining a Neutral rating, implying approximately 62% upside potential. Goldman Sachs believes enterprise AI deployment is shifting from single models to multi-model combinations, and sovereign AI demand is creating incremental opportunities. Palantir helps enterprises embed AI into workflows while retaining data control, and this positioning could become a growth catalyst for the next phase. Goldman Sachs also raised revenue forecasts for 2026 to 2028, with main concerns being that commercial business growth may slow down during a macro downturn.