Analyst Ryan Koontz of Needham maintained a Buy rating on Planet Labs PBC, boosting the price target to $12.00.
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Ryan Koontz has given his Buy rating due to a combination of factors including Planet Labs PBC’s strong financial performance and strategic advancements. The company reported impressive second-quarter results with a 20% year-over-year revenue growth, marking the highest quarter-over-quarter growth in three years. The Defense & Intelligence segment, in particular, showed a 40% year-over-year increase, driven by international demand and significant contract renewals.
Additionally, Planet Labs has successfully launched its third and fourth next-generation Pelican units, and it has secured $500 million in satellite services contracts with Japan and Germany, which are now part of its backlog. These developments indicate strong execution and position the company for transformative earnings in the future. As a result, Koontz modestly increased the financial estimates for fiscal years 2026 and 2027 and raised the price target to $12.
In another report released today, Citizens JMP also reiterated a Buy rating on the stock with a $11.00 price target.