Planet Labs price target lowered to $4 from $5.50 at JMP Securities

JMP Securities analyst Trevor Walsh lowered the firm’s price target on Planet Labs to $4 from $5.50 and keeps an Outperform rating on the shares. Planet Labs reported in line Q4 results, including a continued acceleration of net new customer additions, but held off on providing full year guidance due to a lack of visibility on several large contracts, the analyst tells investors in a research note. Planet’s FY24 was marked by several challenges, but management’s continued focus on execution and efficiency, as well as a strong pipeline of large deals, supports JMP’s view on the name as an opportunity for long-term capital appreciation.