Palantir Technologies Inc PLTR is surging Wednesday after Piper Sandler analyst Weston Twigg initiated coverage on the stock with an Overweight rating and a $15 price target.
Twigg believes Palantir is combining software, AI and data into powerful IT solutions that continue to be increasingly desired by large organizations. Russia's invasion of Ukraine could accelerate the adoption of Palantir products, he added.
As a result, the Piper Sandler analyst expects Palantir to meet or exceed its revenue growth guidance of 30% or more through 2025.
Twigg also highlighted the company's ongoing expansion of its sales team and rapid commercial growth as trends supporting his outlook.
Related Link: Why This Data Analytics Company's 'High Growth' Will Likely Continue
PLTR 52-Week Range: $9.74 - $29.29
Palantir shares were up 7.43% at $11.86 at time of publication.
Photo: Cory Doctorow from Flickr.
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