1. An upcoming $120 million SARs expense is expected to significantly miss EPS, which is not accounted for by Wall Street analysts. 2. The stock's high price does not necessarily mean it is overvalued, and investors focused on P/S ratios may have missed Palantir's remarkable gains. 3. The author's current fair intrinsic value for the business is $55 per share, implying a -32% downside, but it is undervalued using market implied discount rates. 4. The author maintains a hold rating for Palantir, as the business remains robust despite the anticipated negative Q4 catalyst and current overvaluation.