Planet Labs falls after analysts lower price target on widened FQ1'23 loss
Jun. 15, 2022 10:58 AM ETPLBy: Mary Christine Joy, SA News Editor6 Comments
- Planet Labs (PL) fell by ~20% after analysts lowered the price target on the Earth imaging company in the wake of FQ1'23 results.
- PL posted a net loss that widened from the year-ago period.
- The company's FQ1'23 GAAP EPS was -$0.17, in-line; while revenue was $40.13M (+25.6% Y/Y) beats by $0.63M.
- For FQ2'23, Planet Labs expects revenue to be in the range of ~ $41M to $43M. For FY23, the revenue outlook is expected to be in the range of ~ $177M to $187M.
- The FQ2'23 consensus revenue estimate stands at $42.14M, while FY23 estimate is $181.32M.
- Craig-Hallum Analyst Jeff Van Rhee lowered the price target on PL to $10 from $15, considering reduced peer multiples and the lack of current/expected profitability.
- Benchmark Analyst Josh Sullivan lowered the price target to $11 from $15, citing market multiples, FY23 guidance narrowing and customer metrics.
- Needham Analyst Ryan Koontz cut the price target to $8 from $10.50.
- The 3 analysts maintained a Buy rating on the shares.