Planet Labs just downgraded at Craig-Hallum, here’s why

Craig-Hallum downgraded Planet Labs to Hold from Buy with a price target of $3, down from $4. Planet Labs’ quarterly results were largely as expected but “what felt temporary seems to have a little more permanence to it, regarding the decelerating revenues,” the analyst tells investors in a research note. The firm says the company’s commercialization has struggled and turning it around will likely to take a while. Commercial customers do not appear ready to consume and despite all their statements otherwise, the U.S. government isn’t following through on their “buy commercial” push at the pace expected, contends Craig-Hallum.