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We recently published 10 Big Names Leaving Wall Street in the Dust; 4 at Fresh Highs. Planet Labs PBC (NYSE:PL) is one of the best performers on Friday.

Planet Labs extended gains to a third day on Friday to hit another all-time high as investors took path from an investment firm’s higher price target for its stock, alongside an upbeat outlook for its business.

At intra-day trading, Planet Labs PBC (NYSE:PL) surged to its highest price of $19.10 before trimming gains to finish the day just up by 4.41 percent at $18.24 apiece.

In a market report, Morgan Stanley issued a price target of $20 for the company, marking a 344 percent jump from its previous target of $4.50. The new figure marked a 9.7 percent upside potential from its latest closing price.

The investment firm also maintained an “equal weight” rating for the stock.

According to Morgan Stanley, the revision reflected Planet Labs PBC’s (NYSE:PL) earnings performance in the third quarter of the year, during which revenues jumped by 32.4 percent to $81.2 million from $61.3 million in the same period last year, beating its earlier guidance of $71 million to $74 million.

“We delivered a strong third quarter, marked by continued momentum in the business, accelerated revenue growth, and excellent progress on our profitability goals,” said Planet Labs PBC (NYSE:PL) Chairman and CEO Will Marshall.

However, net loss nearly tripled to $59 million from $20 million in the same comparable period.

Planet Labs PBC (NYSE:PL) remained upbeat about its outlook for the full fiscal year, having raised its revenue forecast to a range of $297 million to $301 million, versus the $281 million to $289 million forecast earlier.

It also expects to swing to a positive adjusted EBITDA of $6 million to $8 million, versus an earlier adjusted EBITDA loss outlook of up to $7 million.

While we acknowledge the risk and potential of PL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PL and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.