Palantir was downgraded by Citi.
Citi analyst Tyler Radke called the stock "vulnerable" in 2021. Radke nonetheless increased his price target on the Denver company to $15 a share from $10.
"Specifically we see risk around the lapping of COVID-19-related contracts, which have the potential to become headwinds in second-half 2021 into 2022," Radke said.
"We are also more skeptical on the PLTR bull case in the commercial business, where there is optimism that PLTR’s simplified new products can drive an inflection in customer growth. Here, we see high levels of competition and the lack of investment by PLTR in the 'right areas' limiting success."