Planet Labs (PL) Down 12% Over the Past Month, Wedbush Initiates the Stock With a Buy Rating

Planet Labs PBC (NYSE:PL) is one of the Best Space Technology Stocks to Buy Now. Planet Labs PBC (NYSE:PL) has declined around 12% over the past month. However, the Street remains bullish on the stock, with analysts’ 12-month price target suggesting more than 37% upside.

​Recently, on July 1, Wedbush initiated coverage of the stock with a Buy rating and a $50 price target. The firm noted that the company is strategically placed at the intersection of two major forces. Firstly, Wedbush noted that nations are increasingly seeking sovereign access to space, and secondly, AI is unlocking value from data.

​The firm noted that Planet Labs scans the entire Earth daily and that no competitor can replicate this dataset. Wedbush believes the company to be an indispensable data layer that sits at the intersection of space and AI. Moreover, the firm also believes the stock to be undervalued at current levels, making it an attractive buying opportunity.

​Notably, management has also raised its fiscal 2027 revenue guidance to a range of $425 million to $441 million and expects to achieve positive annual free cash flow.

Planet Labs PBC (NYSE:PL) offers Pelican, SuperDove, SkySat, and Tanager satellites for daily Earth imaging, high-resolution monitoring, and hyperspectral imaging. It also provides satellite services arrangements such as manufacturing, launch procurement, ground station infrastructure, and maintenance. It serves energy, forestry, agriculture, mapping, insurance, finance, and government sectors.

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