Shares of Planet Labs PBC (PL) are soaring in pre-market trading, jumping 5.31% following a significant upgrade from a major Wall Street firm. The earth-imaging satellite company's stock is attracting investor attention as it outperforms the broader market on Monday morning.

The catalyst for this surge appears to be Citigroup's decision to raise its target price for Planet Labs PBC. The financial giant has increased its price target from $5 to $7, representing a substantial 40% upward revision. This vote of confidence from a respected financial institution is likely driving the increased investor interest and the subsequent stock price rally.

Planet Labs PBC, known for its fleet of earth observation satellites, has been gaining traction in the growing space technology sector. Citigroup's bullish stance suggests that the company's business model and growth prospects are viewed favorably by market analysts. As the demand for high-resolution earth imaging and data analytics continues to expand across various industries, Planet Labs PBC appears well-positioned to capitalize on these opportunities, as reflected in the upgraded price target.