Palantir Rises as FAA Launches SMART System

Palantir Technologies shares rose Wednesday after the Federal Aviation Administration activated an artificial intelligence air-traffic system in the Washington area and Rosenblatt Securities reiterated its Buy rating and $225 price target. The FAA’s system uses Palantir technology, but the company has not been confirmed as a contractor on the main SMART agreement or as a recipient of additional FAA work. The FAA activated SMART, short for Strategic Management of Airspace, Routes and Trajectories, on Monday at three Washington-area airports. The system is intended to help manage airspace and flight operations. Air Space Intelligence holds the primary SMART contract, according to reports, rather than Palantir. The available information does not establish that Palantir received a share of that contract or a new FAA award. Rosenblatt described the rollout as a potential opportunity for Palantir to pursue additional FAA work in areas such as safety monitoring and data analysis. Its $225 target and Buy rating reflect the firm’s assessment, not a confirmed contract or revenue forecast. The size and timing of any possible Palantir work remain unclear. Palantir shares gained 3.