Needham lowered the firm’s price target on Planet Labs to $8 from $9 but keeps a Buy rating on the shares. The company overcame a modest macro headwind impacting commercial business to deliver a solid Q4, with both revenue and adjusted EBITDA coming just ahead of consensus, but its Q1 guidance was light, impacted by a major commercial customer renewal in negotiation, the analyst tells investors in a research note. The firm adds however that it still foresees Planet Labs as "leading the fast-emerging global earth observation market".
Published first on TheFly
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