Two Wall Street firms raised price targets for IOT after its Q1 earnings beat and raised guidance.
Piper Sandler increased its price target for Samsara Inc. (NYSE:IOT) to $40 from $39, maintaining an Overweight rating. The firm cited the company’s quarterly results and raised guidance, which met investor expectations, with modest benefits from foreign exchange movements.
RBC Capital also raised its target to $42 from $41, reiterating an Outperform rating after IOT’s first-quarter earnings beat. The firm highlighted 30% annualized recurring revenue growth, driven by enterprise customer momentum and broad-based business strength.
Samsara’s Connected Operations Cloud uses IoT and AI to digitize logistics operations, positioning it as a cybersecurity play through enterprise-grade data security and compliance.