Palantir Technologies Inc. stock rose 4% in Wednesday trading, hitting a new high.

Mizuho has increased its price target for Palantir from $94 to $116 while maintaining an Underperform rating. This adjustment is based on the company's robust recent performance and significant upward revisions, as well as a rise in comparable multiples. The revised target is underpinned by projected enterprise value to sales multiples for 2025 and 2026, which are approximately 80-times and 65-times, respectively.

Moreover, the new target suggests a substantial six-times premium compared to the median of its enterprise software peers for the upcoming year. This premium reflects Palantir's strong strategic position with key clients and its potential for accelerated growth in the future.