** Shares of enterprise software provider TechnologyOne TNE.AX advances as much as 2.7% to A$39.9, hitting its highest since August 29, before paring gains to trade up 1.3%

** Stock fourth-biggest gainer on the ASX200 IT subindex .AXIJ, which is up 0.9%

** UBS raises its price target on stock to A$44.50 from A$42.50 while maintaining "buy" rating

** Brokerage says it's confident about co's long-term growth following the launch of its new AI product stack, which is expected to have rapid adoption

** UBS expects profit before tax to grow 18% in FY25, ahead of co's forecast of 13%-17% growth, and sees it picking up pace through FY27

** Adds, TNE's elevated forward price-earnings ratio - 77x 1-year forward P/E - vs peers is justified due to its growth potential and improving competitive edge

** Session's gains take YTD gains to 25.8%

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))