Planet Labs Shares Surge on Swedish Armed Forces Deal; Wedbush Raises Price Target

Planet Labs' shares jumped 12% to $25 after announcing a multi-year agreement with the Swedish Armed Forces for satellite data and awareness solutions. Wedbush analysts raised their price target to $28 from $20 and reiterated an 'Outperform' rating due to accelerating demand from government customers and expanding AI use cases. The deal marks Planet's third nine-figure contract in 12 months, collectively worth around $500 million.