Planet Labs price target raised to $20 from $17 at Wedbush

Wedbush raised the firm’s price target on Planet Labs (PL) to $20 from $17 and keeps an Outperform rating on the shares. The firm notes the company reported its Q3 results, which featured strong beats across the board while providing strong Q4 guidance as AI continues to be a major tailwind as the company is seeing significant demand through enhanced capabilities for its advanced satellite data solutions. As use cases for solar data applications significantly rise through increased AI integrations, Wedbush continues to believe the Planet Labs is well-positioned at the intersection of Space and AI to capitalize on this rapidly growing market and continues to see accelerated momentum as the company’s pipeline continues to see significant growth with increased interest for its entire product portfolio across its growing addressable market.