Leave it to Stephen Guilfoyle to get inspiration from AC/DC.
The veteran trader, whose career goes back to the floor of the New York Stock Exchange in the 1980s, reworked the lyrics from the iconic metal band's 43-year-old hit "For Those About to Rock" to salute tech sector rock star Palantir Technologies (PLTR) .
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"Hail-hail to the good times," Guilfoyle wrote, "Palantir's rock has got the right of way."
It's pretty hard to argue with that point of view, given Palantir's stock has surged a head-banging 321% year-to-date and 293% from last year.
Founded by tech investors Peter Thiel and Joe Lonsdale, the Denver-based company specializes in software platforms for big data analytics and has established itself as a key player in the defense industry.
You may know Palantir's outspoken CEO Alex Karp, who has never been one to hold back his feelings.
During an appearance at the National Security Innovation Forum on Dec. 4, Karp discussed the importance of artificial intelligence for defense and "taking the human out of the loop so the human isn't murdered."
Palantir CEO says America dominates on the battlefield
"We have a problem in the West," he said. "We actually care when humans die...Russia has lost 700,000 people in Ukraine. They don't care. None of these countries care. We don't care if we lose a piece of steel. We do care if we lose a human."
Karp said that America seems to be the only Western country that believes "we will be around in 900 to 1,000 years."
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"That's what I want," he said. "The problem they have in Europe is none of the leaders believe they're going to exist in 50 years. So, I want America to be American in 1,000 years and the way you get that to be is you to dominate on the battlefield today and people give up."
Karp complained, "the banality you hear in business is like we're going to do really well in two years."
"No venture capitalist wants to hear that," he said. "I don't want to hear that. I want to hear what did we do this quarter, what did we execute this quarter."
Guilfoyle, also known as Sarge, noted on TheStreet Pro that Palantir had been granted FedRAMP high authorization, a program that promotes the adoption of secure cloud services providers at the federal level.
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The authorization allows the federal government to process sensitive unclassified workloads on Palantir's platforms.
“This milestone is an affirmation of our ongoing commitment to upholding the highest security standards and being trusted to handle our government partners’ most sensitive data and workloads, as well as our commitment to enabling the entire American technology base to support critical government needs," said Akash Jain, chief technology officer and president of Palantir USG, the company's government business subsidiary.
Palantir, which was added to the S&P 500 in September, said last month that it was transferring its stock listing to Nasdaq.
"That means that Palantir management is actively pursuing broader appeal and better stock prices for its shareholders," Guilfoyle said.
He said the company's listing on the Nasdaq makes it eligible for inclusion in the Nasdaq 100, which is composed of the 100 largest non-financial firms listed on the index.
Wall Street veteran ramps Palantir stock price target by 30%
"By gaining admittance to these indices, Palantir or any firm for that matter benefits from a certain level of mandated institutional investment by passive funds designed to track index performance," Guilfoyle said, noting that deletions and additions to the Nasdaq 100 will be announced on Dec. 13.
Regarding what to do next, the Wall Street veteran said, "Our job as investors/traders is to actively adapt to and excel in any environment."
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"So, take profits now?" he said. "Kids, I'm sitting on a 12-bagger at this point and I'm not, outside of taking something small off at target prices as a means of putting my lifelong disciplines into practice."
Palantir's addition to the Nasdaq 100 is not guaranteed, Guilfoyle said, but with a $161 billion market cap, the company is significantly larger than many names already in the Nasdaq 100 as well as other companies being discussed as potential additions, such as MicroStrategy (MSTR) , Interactive Brokers (IBKR) and Coinbase Global (COIN) .
"Stocks already in the Nasdaq 100 that might be looking over their shoulders could be Moderna (MRNA) , Super Micro Computer (SMCI) and Biogen (BIIB) ," he said. "Those three companies currently run with market caps of $16 billion, $23 billion and $23 billion, respectively."
Guilfoyle, who raised the price target on Palantir to $70 last month, upped the ante in December, boosting his target to $90.
"The company has one of the strongest balance sheets I've ever seen, but is still 151-times forward-looking earnings," he said.
One person moving on Palantir's stock is Stanley Druckenmiller.
The billionaire investor's Duquesne Family Office sold 95% of its shares in the company during July-September, according to a filing with the Securities and Exchange Commission.
The family office held close to 770,000 shares of Palantir at the midpoint of 2024, but that total was down to 41,000 by Sept. 30.
What is Sarge's plan?
"I am not saying anyone has to sell any, but there will be give and take, sooner or later," he said. "I am a long-term generational believer in this name."
"I am thinking of my children and their children with this name, so I am not likely to cut and run, but wear your helmets and keep your heads on a swivel," Guilfoyle added.
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