In the wake of key milestones, such as inclusion in the prestigious S&P 500 index, analysts are updating their outlook for Palantir stock.

The co-founder and CEO of Palantir Technologies (PLTR) recently appeared on HBO’s Real Time with Bill Maher, where he extolled the virtues of living in America. Related: Palantir stock surges on huge S&P 500 decision “I was viewed as the Frankenstein monster,

Shares of the data-analytics company, which is set to join the S&P 500, have more than doubled this year, and are up another 2.8% Monday. Much of that gain has accrued not to big institutions but to loyal amateurs that have long supported the company and its CEO Alex Karp.

But one analyst calls the company "misunderstood," while rating it a buy. Palantir operates differently than other software companies, for better or worse. One analyst believes the high-flying AI company is still "misunderstood.

The stellar performance of Palantir (NYSE:PLTR) over the past year has placed the stock in good company. Starting next Monday, PLTR will be