Planet Labs price target raised to $40 from $20 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Planet Labs (PL) to $40 from $20 and keeps an Overweight rating on the shares. Despite extended valuations heading into a potential risk-off backdrop, Planet Labs’ fundamentals are strengthening, supported by accelerating government demand, tech-driven compute and graphics optionality, and expanding commercial adoption in financials and agriculture, which should enhance free cash flow durability, the analyst tells investors in a research note.