The upgrade came a day after the company posted fourth-quarter results that beat expectations.
Investors looking for exposure to the "internet of things" — the concept of linking physical objects to the internet and cloud — should consider buying shares of Samsara. Analyst Kash Rangan upgraded Samsara , which provides tracking systems for vehicle fleets and agricultural equipment, to buy from neutral. He also hiked his price target on the stock to $27 from $16, implying upside of 60% from Thursday's close.
He also cited several reasons to be bullish on the stock: "1) Management's commentary around breakeven [free cash flow] in F4Q23, 2) Continued customer resilience despite macro conditions, and 3) Easing supply chain constraints benefiting working capital and customers acquisition of additional assets." "We would note that IOT has continued to screen well across the GS Framework for Investing in Software ...
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