Palantir Shares Rise on FAA Contract and Chipotle Pilot

Palantir Technologies shares rose 2.8% on Wednesday after Rosenblatt Securities reiterated a buy rating and a $225 price target for the company. The financial firm's optimism follows the Federal Aviation Administration's launch of the Strategic Management of Airspace, Routes and Trajectories (SMART) system at three airports in the Washington area.

Although Palantir did not win the SMART contract, the company secured a separate sole-source contract from the FAA for FAALC Data Modernization and AI Integration. This project utilizes Palantir's Foundry software to modernize agency data and integrate artificial intelligence.

Investor interest has also grown regarding a pilot project with Chipotle Mexican Grill. The restaurant chain is testing a Food Safety Risk Management Platform, which is also built on the Foundry software platform.