09:59 ET--Palantir Technologies investors are debating whether the company can grow beyond its U.S.-focused business model, Benchmark analyst Yi Fu Lee says. "The key investor debate is increasingly shifting from whether the company can grow to whether its success can ultimately broaden beyond an exceptionally strong U.S. franchise," Lee says. Palantir has proven itself as a high-clearance provider for customers such as the U.S. government and military, which has driven many of its multi-million-dollar deals, Lee says. Lee believes Palantir's current valuation limits tolerance for any slowdown in U.S. demand, which is why Lee remains sidelined, rating the stock as a hold. Shares gain 20%.