Palantir Technologies (PLTR) is showing accelerating momentum in its US commercial business with no signs that rising competition is slowing the company's pace, UBS Securities said Monday in a report.

Palantir's raised outlook points to durable growth rather than a near-term peak, with management signaling confidence in sustaining elevated demand, the report said.

The CEO set a new "goal" for US revenue growth to double over the next 18 months, and "this optimism could serve to push out the peak growth timeline by a few quarters," UBS said.

The latest results signal early traction in Palantir's "sovereign AI" strategy that could form a new bullish narrative, the report said.

UBS boosted its price target on Palantir stock to $220 from $200 and maintained its buy rating.

Price: 162.22, Change: +36.57, Percent Change: +29.10