Morgan Stanley has published a deep-dive note on Palantir Technologies (PLTR), stating that the firm is not bullish enough to upgrade but is more bullish than it was. The firm maintains an equal-weight rating and a $205 price target on PLTR, which represents roughly 30% upside. However, the firm argues that the market has already priced in years of flawless execution and that even stronger estimate outperformance may be needed for shares to move higher in the near term. The company's Ontology, the technology that underpinates everything the company builds, is a live digital map of a customer’s entire business. Despite valuation concerns, Morgan Stanley remains optimistic about the potential for Palantar to emerge as one of the dominant platforms in enterprise software.