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Planet Labs Extends Rally as Wedbush Lifts Price Target to $17

The call cites a $735 million backlog with roughly one-third expected to convert within 12 months.

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Overview

  • Wedbush maintained an Outperform rating and raised its Planet Labs target to $17, citing strengthening demand from government and commercial customers.
  • The firm underscored a robust backlog of about $735 million and estimated near‑term conversion of roughly 35%.
  • Planet Labs shares rose about 9% to $15.02 on Oct. 2 following the Wedbush note.
  • The company’s Sept. 8 second‑quarter report showed revenue of $73.4 million and a backlog increase to $736.1 million.
  • Management raised third‑quarter and fiscal 2026 revenue guidance after landing a €240 million German agreement, securing NATO and U.S. DIU deals, and advancing AI‑enabled Pelican satellites that use Nvidia’s Jetson platform.