Planet Labs price target raised to $7 from $5 at Wedbush

Wedbush raised the firm’s price target on Planet Labs (PL) to $7 from $5 and keeps an Outperform rating on the shares following the Q1 report. The company raised the low-end of its fiscal 2026 revenue and adjusted EBITDA guidance as it look to convert its $500M backlog into meaningful revenue growth while strategically investing in new innovations to create durable profitable growth, the analyst tells investors in a research note. The firm says the quarter was a “step in the right direction” as Planet Labs “finds itself at the center of multiple market-changing transformations that will present significant opportunities in the pipeline to generate durable profitable growth” into fiscal 2027.