Planet Labs PBC (PL) stock surged 5.23% in the pre-market trading session on Thursday, outperforming the broader market. This rally was fueled by a series of positive analyst actions following the company's recent contract win.
Craig-Hallum upgraded Planet Labs to a "Buy" rating from "Hold" and raised its price target to $7 from $3.50. The firm cited the contract win as a key factor driving its optimism for the stock. Meanwhile, Cantor Fitzgerald maintained its "Buy" rating on Planet Labs PBC and JMP Securities reiterated its "Buy" rating, setting a price target of $6.50.
The analysts' bullish stance and higher price targets reflect growing confidence in Planet Labs PBC's growth prospects, driven by its successful contract wins and potential for further expansion. Investors appear to be responding positively to the analysts' recommendations, propelling the stock higher in the early trading session.
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