UPDATE: Needham & Company Starts Planet Labs (PL) at Buy
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Needham & Company analyst Ryan Koontz initiates coverage on Planet Labs (NYSE: PL) with a Buy rating and a price target of $10.50.
The analyst comments "PL is a leader in next-gen Earth Observation (EO) with a fully operational ~200 satellite fleet capable of imaging 350mm sq. kilometers of area per day, or ~2x the earth's landmass, and a cloud-native analytics platform. By democratizing access to geospatial data and making it easier to use, PL is expanding existing vertical markets and unlocking new ones. PL is the only company with a daily scan of the entire earth, giving it a ~5-year lead over its nearest competitor, and an archive of >1,700 images for every point on earth that cannot be replicated and plays a pivotal role in training ML models. We model accelerating top-line growth in F23/24 of 39%/55% as PL ramps investment in S&M and software development. We initiate coverage at Buy with a $10.50 PT, equal to an EV/Sales multiple of 8.0x our F24 estimate."
Shares of Planet Labs closed at $5.50 yesterday.
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