Planet Labs price target raised to $8.50 from $6.30 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Planet Labs (PL) to $8.50 from $6.30 and keeps an Overweight rating on the shares. Cantor named Planet Labs to the Top Pick in Space given increased confidence in multiple pathways for outperformance over the next 12 months, and thinks Planet’s pipeline of JSAT-like satellite services deals can deliver meaningful benefits that can help accelerate the company’s sustainable free cash flow target, the analyst tells investors in a research note.