Palantir (PLTR) closed at $209.05 on October 9, its highest ever, and trades near $198 now, about 5% below that peak. Second-quarter earnings per share rose from $0.13 to $0.41, bringing trailing four-quarter EPS to $1.17, so the current price equals about 170 times that figure. The author argues that the roughly 120 times earnings investors accepted in June, when shares were near $107, applied to $1.17 implies about $140 a share, roughly 29% below today's price. Continued earnings growth could bring the price down to that level sooner, and the author says he would consider buying around $140, while Palantir guided for third-quarter adjusted operating income of about $1.29 billion.
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