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Investing.com - Raymond (NSE:RYMD) James maintained its Market Perform rating on Samsara Inc (NYSE:IOT) following the company’s user conference and investor day held in San Diego this week.
The research firm expressed particular admiration for Samsara’s accelerating pace of innovation, noting a record number of new products including several solutions made possible by the company’s expanding Samsara Network. While these newer solutions will require time for market adoption, Raymond James sees growing evidence of optionality beyond Samsara’s core Connected Fleet solutions.
The firm highlighted that Samsara’s Connected Fleet solutions continue to grow at more than 25% despite reaching $1.3 billion in scale. Growth remains the priority as the company targets its large $137 billion total addressable market (TAM).
Raymond James also noted Samsara’s improving profitability metrics, with the company delivering greater than 40% incremental EBIT margin on a trailing twelve-month basis. The conference provided several positive data points regarding durable growth and strategic positioning.
Despite these positive factors, Raymond James maintained its Market Perform rating, citing a balanced risk/reward profile at current valuation levels of approximately 12 times fiscal year 2027 estimated sales amid what it described as a choppy macroeconomic environment.
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