Palantir secured a three-year contract with Cleveland-Cliffs to integrate its AI-driven platform into core workflows including production planning, order entry and daily operations. The deployment aims to unify data streams across fragmented manufacturing processes and enhance decision-making efficiency at multiple steelmaking facilities.

Citi raised its growth forecasts by roughly 45% for Q1 and FY26 and projected FY27 and FY28 estimates more than 500 basis points above consensus, yet cut its price target from $260 to $210. The firm highlighted that Palantir trades at about 48x FY27 EV/sales and 87x EV/free cash flow, reflecting elevated software multiples.

Investors await Q1 results on May 4 with Wall Street consensus at $1.54 billion in revenue and $0.28 EPS, while Wedbush and Baird maintain Outperform ratings with $230 and $200 price targets. Broader AI valuation pressures drove a near 2.8% stock decline, even as full-year guidance sits between $7.182 billion and $7.198 billion.