Needham analyst Ryan Koontz maintained a Buy rating on Planet Labs PBC today and set a price target of $22.00.
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Ryan Koontz has given his Buy rating due to a combination of factors including Planet Labs PBC’s impressive financial performance and strategic positioning. The company reported strong third-quarter results, surpassing revenue and earnings per share expectations, and provided an optimistic revenue outlook for the fourth quarter. This growth was driven by new deals and contributions from its JSAT contract, with the Defense & Intelligence segment showing significant year-over-year sales growth.
Additionally, Planet Labs PBC’s management anticipates achieving positive free cash flow in the coming fiscal years, which will support the acceleration of its next-generation satellite constellations. The company’s execution is on track to meet ambitious growth targets, such as the “Rule of 30” by fiscal year 2027 and “Rule of 40” by fiscal year 2028. These factors, along with an increase in estimates and a raised price target, underpin Koontz’s Buy rating for the stock.
In another report released on December 4, Clear Street also maintained a Buy rating on the stock with a $14.00 price target.