UPDATE: Goldman Sachs Starts Planet Labs (PL) at Buy
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Goldman Sachs analyst Noah Poponak initiates coverage on Planet Labs (NYSE: PL) with a Buy rating and a price target of $11.00.
The analyst comments "We initiate coverage of Planet Labs (PL) with a Buy rating and $11 price target. Planet is the market leader in commercial earth observation, where the opportunity to sell data analytics into many industries is massive. PL has first mover advantage in the strategy of scanning the entire globe daily with its own low cost satellites. Customer education will be key and take time, but the TAM is huge, and profit margins can be high if volume is there given a scalable model. Shares are down 50% over the last one month with no fundamental change creating an attractive entry point."
Shares of Planet Labs closed at $5.64 yesterday.
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