Planet Labs (PL) PT Raised to $9 at Needham & Company on Q2 Beat
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Needham & Company analyst Ryan Koontz raised the price target on Planet Labs (NYSE: PL) to $9.00 (from $8.00) while maintaining a Buy rating following Q2 beat.
The analyst commented, "PL delivered a strong F2Q23 that meaningfully beat on revenue (+59% y/y) and Adj. EBITDA, driven by broad-based demand across agriculture, civil and defense sectors including usage upside in many contracts. Several new wins and materially improved NDRR (127% including win-backs) indicate improving sales and customer success execution. Very strong NG GM (+1,640bp y/y) supports our thesis that PL can monetize its global data set with minimal incremental product costs. We see PL on track to become the industry leader in earth observation data as its new analytics products simplify and speed consumption for the broader market. We maintain our Buy rating and raise our PT to $9."
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