Palantir Technologies Inc. (PLTR) shares are gaining momentum Monday as investors position themselves ahead of the company's first-quarter 2026 earnings release after the closing bell.

Bullish Expectations For Q1

Wall Street expects revenue of $1.54 billion and earnings per share of 27 cents. Palantir has beaten EPS estimates for three consecutive quarters.

Wedbush analyst Dan Ives maintains an Outperform rating and a $230 price forecast. In a recent note, Ives called current revenue estimates "beatable." He expects "another robust quarter" driven by the company's Artificial Intelligence Platform (AIP).

The Trillion-Dollar Vision

Ives remains highly optimistic about the company's long-term trajectory. "We continue to believe Palantir has the potential to be a trillion-dollar market cap company," Ives wrote. He cited the "AI Revolution" as a primary catalyst and believes the company is in the early stages of its monetization curve.

Expanding Federal And Commercial Reach

The analyst highlighted "unprecedented demand" for AIP across various sectors. Recent field checks suggest customers are using Palantir to solve enterprise-scale problems.

Ives also noted strength in the federal business. He specifically mentioned a $300 million agreement with the U.S. Department of Agriculture. Palantir is also eyeing modernization contracts with the Federal Aviation Administration.

High Stakes For Valuation

Despite the surge, some analysts remain cautious. HSBC recently downgraded the stock to Hold on Friday. Meanwhile, Citigroup lowered its target to $210 on Tuesday.

Palantir Price Action

PLTR Stock Price Activity: Palantir Technologies shares were up 2.23% at $147.28 during premarket trading on Monday, according to market data.