12:04 PM EDT, 05/06/2024 (MT Newswires) -- Palantir Technologies ( PLTR ) is likely to report another strong Q1 quarter Monday, fueled by US commercial success, Wedbush said in a note.

"The big focus tonight will be hearing about AIP customer conversion, US commercial strength momentum, and the trajectory of

larger deals in the pipeline," Wedbush analysts, including Daniel Ives, said. AIP refers to Artificial Intelligence Platform.

Customers continue to discover new use cases with Palantir's ( PLTR ) AIP, presenting cross-selling opportunities, the analysts said.

"We believe Palantir ( PLTR ) is on the golden path for its monetization story on the commercial side and is well-positioned to capitalize on the strong commercial spending tailwinds for 2024/2025," they said.

"As we have discussed this story, growth, and ultimate re-rating is around Palantir's ( PLTR ) US commercial business which is estimated to show growth of at least 40% in 2024," the analysts added.

Wedbush maintained its outperform rating with a 12-month price target of $35.

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