Palantir Technologies (PLTR) has a "golden path" to become the next Oracle (ORCL) in the coming years, Wedbush said in a note Thursday.

"While the valuation is expensive today we see the Messi of AI as a core winner in the trillions of AI spend over the next few years," said Wedbush analysts, including Daniel Ives.

New and existing clients in the commercial and federal sectors are "waiting in line to sign up for multiple aspects" of Palantir's tech stack, the analysts said.

Wall Street seems to be underestimating the more than $1 billion in revenue stream that its AI platform US commercial business can deliver in the next few years, they said.

Based on Wedbush's checks, Palantir is still seeing "unprecedented demand" for its AI platform, the note said, adding that the Trump administration "clearly represents an additional tailwind" for Palantir.

Wedbush lifted its price target on the stock to $160 from $140 while keeping its outperform rating.

Price: 142.23, Change: -0.91, Percent Change: -0.63