Planet Labs price target lowered to $5 from $6.50 at Benchmark

Benchmark lowered the firm’s price target on Planet Labs to $5 from $6.50 and keeps a Buy rating on the shares after the company reported Q2 revenues below the Street’s estimate and an adjusted EBITDA loss that was not as deep as the Street’s estimate. Although FY24 revenue guidance was reduced to $216M-$223M due to defense sales cycles extending, which was below the Street’s $231M, Planet exits the quarter with $368M in cash and still expects to hit break-even later next year, the analyst tells investors.