Planet Labs downgraded to Market Perform from Outperform at Citizens JMP

Citizens JMP analyst Trevor Walsh downgraded Planet Labs (PL) to Market Perform from Outperform without a price target The firm cites valuation for the downgrade with the shares up 29% in the past month alone. In addition, at last week’s investor day, management provided a “somewhat lackluster” long-term financial outlook despite the material business model shift toward satellite services and additional fleet capacity build-out, the analyst tells investors in a research note. Citizens the day left it “with more questions than answers.”