Berenberg analyst Michael Filatov initiates coverage on Planet Labs (NYSE: PL) with a Buy rating and a price target of $25.00.

The analyst comments: “Planet Labs (Planet) is the only company imaging the entire Earth daily, with an eight-year, 3,000- collections-per-point archive that competitors cannot replicate. AI both unlocks demand for Planet’s images as real-world training data and makes the archive readable at scale, opening powerful use cases that were previously inaccessible. Revenue growth has accelerated from c10% to c42% in five quarters, backlog is up 72% year over year to c$906m, and FY 2026 delivered full-year adjusted EBITDA and free cash flow profitability. The biggest risk, in our view, is valuation rather than demand, though Planet’s founder-led position at the intersection of Earth imaging, sovereign demand/defence and AI offers several routes to beat outer-year estimates. We initiate with a Buy and a $25 price target (c26% upside).”

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Shares of Planet Labs closed at $19.26 yesterday.