RBC downgrades Palantir, says defense tech stock unlikely to hit growth targets

People stand in front a banner displaying Palantir Technologies Inc. signage during the company's initial public offering (IPO) in front of the New York Stock Exchange (NYSE) in New York, Sept. 30, 2020.
Michael Nagle | Bloomberg | Getty Images

It's time for investors to bail on Palantir after an earnings miss and weak guidance for the defense tech company, according to RBC Capital Markets.