Goldman Sachs downgraded Planet Labs (PL) to Neutral from Buy with a price target of $3.50, down from $6. The company has underperformed its own expectations since it went public, and consensus has revised estimates downward significantly as a result, the analyst tells investors in a research note. The firm says Planet Labs’ visibility into sustained levels of high growth is limited, and in previous challenging macro environments, its sales growth decelerated. As such, Goldman sees more attractive medium-term investment opportunities elsewhere.
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