PREVIEW: Palantir scales fresh peak ahead of report

Shares of Palantir Technologies PLTR.O up 1.9% at $204.24 after hitting fresh record high on Mon as data analytics and AI firm due to report Q3 results after markets close

Last week, Nvidia NVDA.O and PLTR announced an AI deal that they said would help companies with logistics problems, such as when shipments of products from Asia to the U.S. are delayed by storms

In Oct, Snowflake SNOW.N and PLTR announced a partnership to integrate SNOW's AI Data Cloud with PLTR's Foundry and Artificial Intelligence Platform (AIP)

Wedbush on Sun bumped its PT on PLTR by $30 to Street-high $230, per LSEG

While investors fret about valuation, Wedbush says it believes the stock will ultimately achieve a $1 trillion market cap over the next 2-3 years as PLTR "builds out its commercial business into a multi-billion dollar machine monetizing the use cases in the AI Revolution"

For the Sept qtr, Wall Street expects PLTR's rev to grow 50% y/y to $1.09 bln and adj EPS of 17 cents vs 10 cents a yr-ago, per LSEG data

Avg rating among 26 brokerages on PLTR is "hold" and median PT is $165

With move on Mon, PLTR stock up 170% YTD

PLTR recently traded around 246x forward earnings vs its 2-yr avg of about 64x