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Planet Labs Rallies on Goldman Sachs Buy Rating -Breaking

by Mike Robinson

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Sam Boughedda

Investing.com — Planet Labs PBC (NYSE:) After Goldman Sachs analyst Noah Poponak gave the stock a buy rating (NYSE:), shares gained 16%

An analyst began coverage on the public Earth imaging firm and set a price target at $11.

We initiate coverage for Planet Labs (PL), with a Buy rating, and a $11 price target. Poponak stated in a research paper that Planet is the leader in commercial Earth observation. There is huge potential to sell data analytics in many industries.

According to the analyst, one of the advantages the company enjoys is the first-mover advantage when it comes to scanning the globe with low-cost satellites. 

Customer education is key. It will take some time. However, the TAM is enormous and margins could be very high with volume and a scaleable model. Poponak concluded that shares are now down 50% in the past month, with no significant change making it an appealing entry point.

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