Planet Labs PBC (NYSE:PL) is a San Francisco-based company that provides satellite imagery and data analytics to commercial and government customers.

The company's shares have fallen by more than 20% in the past month, after an analyst at Cowen & Co. cut his price target on the stock by 23%.

The analyst cited concerns about the company's ability to navigate extended defense sales cycles as the reason for the downgrade.

Despite the challenges, the analyst believes that Planet Labs is still a long-term growth story. He maintained an "Outperform" rating on the stock, with a price target of $10.

The company is also expanding into new markets, such as agriculture and insurance, which could drive future growth.

Planet Labs has a backlog of $200 million in orders, and the analyst believes that the company is well-positioned to benefit from the growing demand for satellite imagery.

The analyst also noted that Planet Labs is facing increasing competition from other satellite imagery providers, such as Maxar Technologies (NYSE:MAXR) and BlackSky Technology (NYSE:BKSY).

The analyst's long-term thesis on Planet Labs remains intact, and the stock could be a good investment for investors who are looking for exposure to the growing space economy.