As previously reported, Craig-Hallum upgraded Planet Labs (PL) to Buy from Hold with a price target of $7, up from $3.50. The firm notes that on Wednesday, Planet announced a 7-year $230M contract win that Craig-Hallum believes is likely heavily front-loaded and totally incremental. Alone, this win paves the way for what will likely end up being multiple material upward revisions to the 2025 model. Just as importantly, after some uncertainty about the rollout of the company’s next-generation satellite platform “Pelican,” this win closely following on the 1.14.25 launch of Pelican-2 unequivocally validates the Pelican line at the caliber of a $230M commit, Craig-Hallum adds.
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