Wedbush analyst Daniel Ives raised the firm’s price target on Planet Labs (PL) to $17 from $11 and keeps an Outperform rating on the shares as the company continues to generate traction across the government sector while seeing a rebound in its commercial sector and successfully balancing growth initiatives with bottom-line expansion. The company has seen incremental demand from government and commercial applications, which has driven significant growth in the company’s backlog which is now up to $735M, with about 35% of this backlog expected to be applied over the next 12 months presenting greater visibility into Planet Labs’ ability to generate stable revenue growth next year and beyond.
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