On Friday, high-profile software stock Palantir Technologies (NASDAQ:PLTR) received a boost from a bank that has decided to track its fortunes. As this was quite a bullish initiation of coverage, it improved investor sentiment enough to push the company's shares to a substantial 5%-plus increase that trading session.

Time to purchase, says prognosticator

Just after market close on Thursday, Barclays' (NYSE:BCS) Anthony Valentini inaugurated his tracking of Palantir. He flagged the specialty tech company with an overweight (read: buy) recommendation and set his price target at $265 per share.

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Valentini's move was part of his bank's broader rollout of coverage of defense, aerospace, and related stocks. Palantir qualifies, as it is very actively engaged with clients in those fields.

According to reports, the analyst believes the U.S. is at the start of a new industrial revolution in those fields. As a popular provider of artificial intelligence (AI)-enhanced data analytics and other services to such businesses, Palantir is poised to benefit simply by having them as clients. Management is also doing a good job expanding the customer base with both public- and private-sector customers.

Growing both here and abroad

Palantir is far from a one-trick pony, with a customer list that is admirably deep and wide. Recently, the company has secured important clients abroad, illustrating the considerable potential it has outside its native U.S. We can easily imagine this snowballing, so Palantir could very well be in for years of meaningful fundamental growth. Investors should note, however, that the stock is already quite pricey on its valuations

Should you buy stock in Palantir Technologies right now?

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