Planet Labs Benefiting From 'Significant' Demand, AI Tailwinds, Wedbush Says

MT Newswires Live01-13

Planet Labs (PL) continues to see "significant" demand in government across both US and international markets, while also benefiting from growing artificial intelligence-related use cases, Wedbush Securities said in a note Monday.

The company said earlier Monday that it won a multiyear 9-figure agreement with the Swedish Armed Forces to deliver a suite of satellites and provide access to space-based data and awareness systems. Wedbush said this was the company's third contract in the past 12 months, after deals with Japan and Germany.

The brokerage said that while the timelines for closing deals in the US are fluctuating, Planet Labs' backlog for US government deals remains strong, with greater demand for modernized defense capabilities.

The company is also well-positioned to capitalize on a growing market for AI integrations in solar data applications, the brokerage said.

Wedbush raised its price target on Planet Labs to $28 from $20, and maintained an outperform rating.

Shares of the company were up over 8% in recent Monday trading.

Price: 24.66, Change: +1.95, Percent Change: +8.59

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