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Investing.com -- Piper Sandler said in a note Wednesday that it would be buyers of Samsara Inc (NYSE:IOT). into its upcoming Beyond 2025 event, highlighting potential catalysts that could drive the stock higher.
Analysts reaffirmed their Overweight rating and $53 price target on the company, describing Samsara as "one of our top picks."
“Beyond has acted as a catalyst for the stock before, primarily due to cool product launches,” Piper Sandler wrote.
They expect this year’s event, which will centre around “Data-Driven Productivity,” to follow suit.
The firm noted that investor excitement has historically followed the unveiling of new technologies at Beyond.
Piper Sandler is especially bullish on Samsara’s Asset Tags, a product that gained attention during last year’s event.
“While the opportunity isn’t easy to define given the ambiguity around the number of devices, we see at least a $5B global opportunity,” analysts wrote.
That estimate assumes an “attach” rate of one asset tag per truck using their Fleet Market Model, with the total opportunity potentially far larger when considering the broader RFID market.
The note also points out that operational budgets have now become available for Asset Tags, improving their near-term adoption outlook.
After a recent pullback in Samsara shares following the company’s fiscal Q1 results, Piper Sandler sees an attractive entry point. “Given the pullback post FQ1, we would be buyers into the event,” they added.
Piper Sandler will attend the Beyond 2025 event and believes it could reignite positive sentiment.