Dynatrace (DT) could see an increase in its valuation as the catalysts are in place, Oppenheimer said in a Wednesday note.

The report pointed to the potential for a meaningful uplift to revenue growth as its platform subscription pricing plan removes purchasing friction and drives multi-product adoption.

Other catalysts include favorable market dynamics and emerging opportunities in log management and security, the note added.

"Consensus projections are low, offering a high likelihood of growth re-rating and multiple expansion," the note said. "We see potential for an increase in valuation/multiples."

Oppenheimer initiated coverage on the stock with an outperform rating and a $65 price target.

Price: 49.61, Change: +1.50, Percent Change: +3.12