Planet Labs price target lowered to $5 from $7 at Northland

Northland lowered the firm’s price target on Planet Labs to $5 from $7 and keeps an Outperform rating on the shares after Planet made Q2 revenue estimates and beat on EBITDA. Though the pipeline of large deals continues to grow, management sees a few large deals closing later, and lowered revenue guidance for that while increasing EBITDA guidance, the analyst tells investors in a post-earnings note.