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Investing.com - Truist Securities has reiterated its Hold rating and $42.00 price target on Samsara Inc (NYSE:IOT), currently valued at $22 billion, following the company’s Investor Day held in conjunction with its annual user conference, Beyond 25. According to InvestingPro data, analyst targets range from $38 to $60, with 15 analysts recently revising earnings estimates upward.
The research firm noted that Samsara provided additional details regarding its total addressable market (TAM) evolution and new solutions during the event. Truist expressed continued impression with the company’s pace of innovation and believes Samsara is well-positioned to benefit from ongoing tailwinds related to the digitization of physical operations. The company’s impressive 76.65% gross margin and 31.72% revenue growth support this optimistic outlook. InvestingPro subscribers can access detailed analysis and 8 additional key insights about Samsara’s growth potential.
Despite these positive factors, Truist cited several concerns that support maintaining its Hold rating, including the elongation of deal cycles due to challenging macroeconomic conditions and the company’s emphasis on larger accounts.
The firm also highlighted Samsara’s exposure to "GDP-sensitive" end-markets as a factor in its cautious stance. Truist pointed out that approximately 85% of Samsara’s annual recurring revenue (ARR) still comes from connected fleet operations.
Truist indicated it remains "on the sidelines" with its Hold rating as it looks for a more attractive entry point for the industrial Internet of Things (IoT) company’s stock.
In other recent news, Samsara Inc. has unveiled over a dozen new AI-powered solutions to enhance safety and efficiency in physical operations. These innovations include AI Multicam, which provides drivers with a 360-degree view to reduce blindspots, and a new wearable device designed for frontline worker safety. Additionally, Samsara introduced Route Planning and Commercial Navigation products for fleet management, as well as AI-powered vehicle inspection tools. Wolfe Research has raised its price target for Samsara to $50, maintaining an Outperform rating, citing the company’s high-growth durability and management stability. Goldman Sachs reiterated its Buy rating with a $46 price target, highlighting Samsara’s evolution into an AI-first, multi-product operations platform and its potential for over 30% ARR growth. Evercore ISI maintained an In Line rating with a $45 price target, noting Samsara’s extensive product innovation and strong customer service. William Blair also reiterated an Outperform rating, emphasizing Samsara’s significant market opportunity and strong customer satisfaction.
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