Planet Labs (PL) PT Raised to $29 at Clear Street, 'Pipeline Opportunity Bolstered by Sovereign Wins'

Clear Street analyst Greg Pendy raised the price target on Planet Labs (NYSE: PL) to $29.00 (from $22.00) while maintaining a Buy rating.

The analyst comments "Planet Labs (PL) is strategically positioned for sustained 20%+ revenue growth and considerable margin expansion, underpinned by its proprietary satellite imagery and integrated AI/ML capabilities. Monday’s announced Sweden contract merely scratches the surface of the underlying opportunity: • Repeatable NATO Contract Blueprint: Successful execution with Sweden and Germany establishes a proven model for additional wins. • Dedicated Services Pipeline Potential: In October 2025, management identified 20 qualified opportunities. Our scenario analysis based on win rates ranging from 15%–40% across 7-12-year contract terms implies an average annual pipeline revenue potential of ~$99M (see Exhibit 1). Due to better visibility into durable growth in dedicated services and emerging commercial options, we raise our target multiple from 14x to 20x F2028E EV/revenue, increasing our price target from $22 to $29."

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