Planet Labs PBC (NYSE:PL) soared to an all-time high, closing at $18.24 per share after hitting $19.10 during intra-day trading. Morgan Stanley raised its price target for PL by 344% to $20, citing a 32.4% increase in Q3 revenues to $81.2 million. PL expects positive adjusted EBITDA and higher revenue for the fiscal year.

Chairman and CEO Will Marshall expressed confidence in PL’s strong Q3 performance, despite a tripling of net losses to $59 million. The company raised its revenue forecast to $297 million – $301 million and expects to achieve positive adjusted EBITDA. PL remains optimistic about its future outlook.

Morgan Stanley’s “equal weight” rating aligns with its positive sentiment towards Planet Labs PBC (NYSE:PL), following an impressive Q3 earnings report. With a 344% increase in price target to $20, investors are bullish on PL’s growth potential. The company’s revenue outlook and profitability goals signal a positive trajectory.

Read more at Yahoo Finance: Planet Labs (PL) Hits New All-Time High as Morgan Stanley Hikes PT by 344%