Two analysts read the same earnings report on the same day and reached conclusions $140 apart. 

That is the current state of Palantir Technologies Inc. (NASDAQ:PLTR) on Wall Street, and says almost everything about how the market is pricing AI software right now.

PLTR stock is climbing. See the chart and price action here. 

On May 5, after Palantir posted its first-quarter results, RBC Capital reiterated an Underperform rating with a $90 price target. 

Hours later, Wedbush’s Dan Ives reiterated an Outperform with a $230 target.

That $140 spread, more than 150% of the bear case target, is not a disagreement about the quarter. Both firms saw the same numbers. 

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It is a disagreement about what Palantir fundamentally is, and what it is worth.

According to Benzinga's data, the consensus rating is Buy, with an average target of $173.76 across 29 analysts, but that ...