Planet Labs price target raised to $26 from $20 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Planet Labs (PL) to $26 from $20 and keeps an Equal Weight rating on the shares after the company announced a 9-figure contract with the Swedish Armed Forces, which the firm notes is Planet’s third Satellite Services contract in the past year. Contract momentum reinforces strong global demand for sovereign imaging and “adds further credibility to its business model shift,” says the analyst, who increased the firm’s valuation multiple to account for higher growth from recent contract wins.