Why Planet Labs Stock Is Gaining Altitude
Planet Labs (NYSE: PL) stock fell along with the rest of the stock market earlier this week, but thanks to some kind words from investment bank Morgan Stanley, the space company is quickly gaining back lost ground.
On Thursday, a raised price target from the investment banker helped stop the stock's decline, and added a small fraction of a percent to Planet Labs' market cap. Today, Planet Labs stock is up another 3% through 10 a.m. ET.
In a report light on details about Planet Labs in particular, Morgan Stanley still raised its price target on Planet Labs stock to $4.50 per share, while leaving the stock's rating at equal weight (i.e., hold). This was, incidentally, the second indication that Wall Street is warming to Planet Labs this week. On Monday, investment bank Citigroup also raised Planet Labs' price target -- to $5 a share.
Source Fool.com
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