Planet Labs PBC (PL) stock is soaring 5.31% in pre-market trading on Monday, following Citigroup's decision to raise its target price for the company. The significant boost in investor confidence comes as the financial giant adjusted its outlook on the earth-imaging satellite company.

Citigroup has increased its target price for Planet Labs PBC from $5 to $7, representing a substantial 40% upward revision. This adjustment suggests that Citigroup analysts see improved growth prospects or value in Planet Labs' business model and market position.

The market's positive reaction to this target price increase indicates that investors are aligning with Citigroup's more optimistic view of Planet Labs' future. As trading continues, it will be interesting to see if the stock maintains its upward momentum and if other analysts follow suit with revised outlooks for the company.