Wedbush just raised its price target for Palantir (PLTR) stock.

Palantir Technologies (New York Stock Exchange:PLTR) closed in the red on Friday, but the tech sector star just received some positive support. Wedbush Securities raised its price target on PLTR stock, raising its estimate from $30 to $35 per share. Despite some fluctuations this month, Palantir has performed well overall. Its continued success is due to artificial intelligence (AI) The boom isn’t over yet.

In fact, it may just be the beginning, as AI leaders continue their impressive growth. Wedbush sees plenty of room for growth in PLTR stock.

What’s happening with PLTR stock?

Not all of Wall Street is so bullish on Palantir. Both Jefferies and Mizuho have kept their ratings on PLTR stock at “hold,” but the latter has also raised its price target. But Wedbush’s Dan Ives has been watching the stock closely for some time and sees the stock as a clear winner. Ives upgraded PLTR after his recent AIPCon conference where Palantir announced new customers. In a note to investors, he said:

“As the AI ​​revolution rapidly moves toward major use cases and deployment stages, Palantir, with its flagship AIP platform and countless customer bootcamps, is poised to monetize the tsunami of enterprise spending rapidly hitting the technology sector. In our opinion, we are in the best place to do so.”

Even if some experts are hesitant to tout Palantir’s growth prospects, the company’s performance speaks for itself. PLTR stock has soared nearly 65% ​​in the past six months. Palantir’s dynamic reach across multiple sectors should make it an attractive strategy for investors who don’t mind some volatility.

It’s also worth noting that Palantir recently added a new missile targeting contract from the U.S. military. A history of working with clients in both the private and public sectors positioned the company to be a winner before the AI ​​boom began. Now, even more growth is expected in 2024, and experts are starting to realize it.

On the date of publication, Samuel O’Bryant did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing Guidelines.