2023-05-02 10:45:53 ET
Planet Labs ( NYSE: PL ) gained another bull on Tuesday as JMP Securities initiated coverage of the stock with a Buy-equivalent rating.
Equity analyst Trevor Walsh indicated that the stock has been underappreciated thus far in 2023, underperforming major indices as well as some peers.
“We like Planet for several reasons, including: 1) it has a fleet of over 200 satellites which form the infrastructure for a scalable, one-to-many, software-like business model; 2) robust imagery archives that create a technical competitive moat; 3) Planet is still nascent in its growth trajectory; 4) diversified revenues across both commercial and government, with new verticals gaining traction; and 5) a large and expanding market opportunity, nurtured in part by a passionate customer base and partner ecosystem, enabling the discovery of new applications and use cases for Planet's platform,” he explained.
Walsh assigned the stock a $5.50 price target alongside the Market Outperform rating.
Read more on Deutsche Bank’s recent bullish take on the name .
For further details see:
Planet Labs lands Buy rating from JMP Securities