We Are Lowering Long-Term Growth Estimates for Palantir; FVE Down to $16

We are lowering our fair value estimate for narrow-moat Palantir to $16 from $27 as we are taking a more conservative stance on our long-term profitability assumptions. Nonetheless, our new fair value estimate is still solidly above the company’s current share price. We continue to believe that the market’s reaction to recent macroeconomic events has been overdone, with many high-quality software names put to the sword as investors fled from tech.