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<Research> HSBC Research Downgrades Palantir Technologies Inc. (PLTR.US) to Hold, Cuts TP to USD151
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HSBC Research issued a report stating that as Palantir Technologies Inc. (PLTR.US) faces emerging competitive threats, although its forecasts remain unchanged, the risk of valuation multiple compression has increased under the new competitive narrative. The rating was downgraded from Buy to Hold, and the TP was lowered from USD205 to USD151.

The report noted that Palantir Technologies Inc. embeds engineers within client organizations to help integrate multi-source data, implement software projects, and build customized applications using its AI platform. The success of this model is attracting competitors such as OpenAI to adopt similar approaches.

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In addition, with the rapid adoption of Agentic frameworks and Model Context Protocol servers, the firm believes Palantir Technologies Inc.'s traditional barriers to entry have begun to erode. Although the AI orchestration market is expanding rapidly, expectations that other players will capture market share may exert downward pressure on Palantir Technologies Inc.'s valuation multiples. (ha/u)
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