Palantir Technologies Inc (NASDAQ:PLTR) shares are bucking the broader market trend this Monday. The S&P 500 is down 0.32% while the Nasdaq declined 0.35%.

Trump Endorsement Sparks Rebound

Traders are reacting to recent comments from President Donald Trump. On Friday, Trump praised Palantir's “war fighting capabilities” on Truth Social. This reinforced the company's entrenched relationships with the U.S. government.

The stock previously saw a $10 billion market cap recovery shortly after the post.

Analyst Dan Ives Sets Massive Price Forecast

Wedbush analyst Dan Ives is fueling the bullish narrative. Ives recently reiterated an Outperform rating. He set a $230 price forecast for the software giant.

Ives called the recent sell-off “way over-blown.” He noted that Palantir's U.S. commercial revenue grew 137% year-over-year last quarter. He believes Palantir remains a long-term winner in the AI sector.

The rise follows a heavy sell-off triggered by Michael Burry. The “Big Short” investor claimed Anthropic is “eating Palantir’s lunch.”

However, Ives argues Anthropic is not a direct competitor. He stated Palantir's Ontology-driven AIP platform acts as a digital twin for enterprises.

Geopolitical Headwinds Hit Broader Market

Palantir's gains come as global markets face pressure. Trump announced a blockade of the Strait of Hormuz on Monday. This move followed the collapse of peace talks in Islamabad. Despite these macro fears, Palantir continues to attract buyers.

PLTR Price Action: Palantir Technologies shares were up 2.94% at $131.82 at the time of publication on Monday, according to Benzinga Pro data.

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