Dan Ives Has Turned More Bullish On This Google-Backed Space Tech Firm As Shares Surge Over 500%

Wedbush analyst Dan Ives raised the price target for Planet Labs Inc. (NYSE:PL) stock to $28 from $20, highlighting the “significant demand” for the space technology company’s satellites and data in both U.S. and international markets, especially in defense and intelligence applications.

The price hike indicates an upside of 10.58% from Tuesday’s close at $25.32.

He also noted the potential for increased use cases for solar data applications through AI integration, positioning Planet Labs at “the intersection of space and AI,” Ives wrote in a note on Monday, reported by MarketWatch.

Major Deals Fuel Growth

Shares of Planet Labs, in which Google (NASDAQ:GOOGL) (NASDAQ:GOOG) has nearly an 11% stake, continue to rise as confidence grows in its role in advanced Earth observation and geospatial intelligence.

The momentum was boosted by a multi-year, nine-figure satellite services deal with the Swedish Armed Forces, providing satellites, high-resolution data, and intelligence solutions to support Sweden's security operations.

This marks Planet's third major satellite services contract in the past year, bringing total agreements to over $500 million, including previous deals with Japan and Germany.

In December 2025, Planet Labs reported a 33% year-over-year increase in total revenue for the third quarter of fiscal 2026, driven by the launch of two high-resolution Pelican satellites and 36 SuperDove satellites. The company’s backlog also saw a 216% year-over-year increase to $734 million as of October 31, 2025.

These positive financial results were followed by a bullish note by Needham analyst Ryan Koontz, who highlighted that the company's strong balance sheet supports generating positive free cash flow in fiscal 2026 and 2027. He also noted plans to accelerate its next-generation Pelican and Owl constellations, praising the execution.

Benzinga Edge Stock Rankings shows that Planet Labs has a strong price trend over the short, medium, and long term. Its momentum ranking was strong at the 99th percentile. Check the detailed report here.

Price Action: Over the past year, Planet Labs’ stock soared 578.82%, as per data from Benzinga Pro. On Tuesday, it closed 0.47% lower at $25.32.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.