Planet Labs PBC

PL · NYSE

$13.40−$0.19 (−1.40%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $13.59

PL analyst rating

BuyConsensus of 12 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy8
Hold4
Underperform0
Sell0

12-month price target · 14 analysts

Average $37.37 (+178.9% upside)

Low: $24.24
Now: $13.40
High: $53.55

Upgrades and downgrades

The latest rating actions, newest first

PL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 19, 2026	Maintains	Equal-Weight	$35.00 → $19.00	61%
Barclays	Oct 9, 2026	Initiates	Equal-Weight	$17.00	—
Citizens	Sep 4, 2026	Maintains	Market Perform	—	68%
Needham	Sep 4, 2026	Maintains	Buy	$53.00 → $40.00	50%
Goldman Sachs	Jul 14, 2026	Maintains	Neutral	$22.00 → $25.00	26%
Wedbush	Jul 1, 2026	Maintains	Outperform	$50.00	64%
Craig-Hallum	Jun 5, 2026	Maintains	Buy	$36.00 → $49.00	55%
Wedbush	Jun 5, 2026	Maintains	Outperform	$50.00	64%
Needham	Jun 5, 2026	Maintains	Buy	$40.00 → $53.00	50%
Wedbush	May 14, 2026	Maintains	Outperform	$40.00 → $50.00	64%

The case for and against

Updated Oct 21, 2026

Bull case

Planet Labs is well positioned because its daily, global Earth-observation moat, 200-satellite fleet, and >1,700-image archive create a proprietary dataset that competitors cannot replicate, while AI tools are expanding that data into easier-to-use products for commercial and civil customers. The business is also benefiting from powerful sovereign and defense demand, with F2Q27 revenue of $116.1M, current RPO up 57% y/y to $346M, and three 9-figure satellite-services contracts totaling $500+ million across Sweden, Japan, and Germany, supporting multi-year visibility. Despite heavy capex of $29M in F2Q27 and a raised FY27 capex outlook of $100M-$115M, the company still generated $23.8M of free cash flow and guided to 42% y/y revenue growth at the midpoint, underscoring improving operating leverage.

Bear case

Planet Labs is facing a fundamentally challenging setup because its recent revenue beat still depends heavily on satellite services and defense-related deals that may be limited in number and size, while the broader commercial and civil government businesses are growing more modestly. The company’s path to durable free cash flow remains unclear, as prior cash-flow-positive periods were driven largely by upfront deal cash rather than a structural shift, and rising capex plus maintenance spending could constrain long-term upside. In addition, a growing hardware-like revenue mix, competitive pressure from lower launch costs, and potential dilution from the $1.5 billion ATM program weaken the case for a SaaS-like valuation profile.

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