Planet Labs assumed with a Neutral at Goldman Sachs

Goldman Sachs analyst Anthony Valentini assumed coverage of Planet Labs (PL) with a Neutral rating and $4.60 price target Planet has a dominant position in the satellite imaging market, which is still in its infancy, but the company has struggled to hit consensus estimates and encountered longer than expected sales cycles as a result of a more challenging macro environment, the analyst tells investors in a research note. The firm says that while the company has addressed this situation with a restructured salesforce and go-to-market strategy, it is still unknown whether demand is strong enough for Planet Labs to fully scale.