Planet Labs price target raised to $11 from $8 at Citizens JMP

Citizens JMP raised the firm’s price target on Planet Labs (PL) to $11 from $8 and keeps an Outperform rating on the shares. Planet Labs reported “robust” Q2 results that significantly outperformed prior guidance and Street expectations across both the top and bottom lines, the analyst tells investors in a research note. While the firm acknowledges Planet’s challenges in working with government contracts, Citizens is optimistic that management will materially update its long-term financial outlook at the recently announced Planet Investor Day on October 16 in New York.