Planet Labs price target lowered to $2 from $3 at Craig-Hallum

Craig-Hallum analyst Jeff Van Rhee lowered the firm’s price target on Planet Labs to $2 from $3 and keeps a Hold rating on the shares. Planet Labs reported in-line results and in-line guidance as the company is seeing deepening organic churn in the commercial business, counterbalanced by strength in the DoD, the analyst tells investors in a research note. The firm is waiting for more visible signs of revenue acceleration and believes this is needed to get shares working.