Planet Labs price target raised to $6.50 from $4.50 at JMP Securities

JMP Securities analyst Trevor Walsh raised the firm’s price target on Planet Labs (PL) to $6.50 from $4.50 and keeps an Outperform rating on the shares. Planet Labs announced a seven-year $230M commercial agreement to provide a constellation of high-resolution Pelican satellites for an existing, undisclosed partner in Asia-Pacific, which is expected to be meaningfully cash flow accretive in fiscal 2026, the analyst tells investors in a research note. While this represents a strategic shift for the company, the firm does not view the transaction as a signal that Planet is moving away from its core vision of serving as a data company for earth observation intelligence, and agrees with management’s characterization of this announcement as a “win-win,” both in terms of the strategic and financial implications of the deal.