Planet Labs (PL) Gets 49.77% Boost From Higher PT, Rating

We recently published 10 Stocks That Made Millionaires in Just a Week. Planet Labs PBC (NYSE:PL) is one of the best performers in last week’s trading.

Planet Labs climbed by 49.77 percent week-on-week as investors took heart from an investment company’s price target and rating upgrade for its stock.

In a market note earlier in the week, Planet Labs PBC (NYSE:PL) earned a new price target of $11 from investment firm Craig-Hallum, higher than the $9 previously. It also maintained a “buy” recommendation for its stock.

Craig-Hallum said the revision was based on its strong performance across various businesses, including military, maritime, agriculture, and wide area monitoring.

Additionally, it was optimistic for the company’s expansion beyond imagery, having tapped the power of artificial intelligence to detect objects and changes, and the launch of high-resolution Pelican satellites, among others.

In other developments, Planet Labs PBC (NYSE:PL) announced plans to raise $300 million from the issuance of senior convertible notes to qualified institutional buyers to raise funds for general corporate purposes.

The notes will bear interest rates payable semi-annually in arrears, and will mature on October 15, 2030, unless earlier redeemed, converted, or repurchased.

While we acknowledge the potential of PL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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