RBC Capital has reiterated its "Underperform" rating and a $45.00 price target for Palantir Technologies Inc. ahead of its third-quarter earnings report scheduled for November 3. The firm cited an "unfavorable risk/reward" for its cautious stance, highlighting the stock's significant year-to-date increase of 136% and its high valuation, trading at over 20 times its enterprise value to estimated 2026 revenue. The bank's analysts stated they "cannot rationalize why Palantir is the most expensive name in our software coverage" and believe the current valuation seems unsustainable without a major earnings beat and raised guidance. This skeptical view comes even as other analysts have been more positive; Piper Sandler recently increased its price target to $201, maintaining an "Overweight" rating due to strong revenue visibility. The stock was reportedly trading flat on the day of the announcement after a recent rally.