Planet Labs price target raised to $40 from $30 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Planet Labs (PL) to $40 from $30 and keeps an Outperform rating on the shares. The firm notes the company reported its Q4 results, which featured beats across the board once again as the company has taken it to another level with execution leading to continued strong RPO/Backlog while providing initial FY27 revenue guidance which came in well above Street expectations. Wedbush is raising its price target to reflect a higher multiple and increased confidence in the company’s growth story heading into FY27 and beyond.