Truist Securities Reiterates Hold Rating on Samsara Inc (IOT), Awaits Better Entry Point

Truist Securities analyst Junaid Siddiqui reiterated a Hold rating and $42.00 price target on Samsara Inc (NYSE: IOT).

The analyst comments "IOT provided additional detail on its Investor Day held in conjunction with its annual user conference, Beyond 25, regarding its TAM evolution and new solutions. We continue to be impressed with the company's pace of innovation and believe it is set up well to benefit from continued tailwinds of digitization of physical operations. However, with elongation of deal cycles due to a challenging macro environment and emphasis on larger accounts, end-markets that are "GDP-sensitive", and a vast majority of ARR (~85%) still coming from connected fleet operations, we remain on the sidelines with a Hold rating as we look for a more attractive entry point."

For an analyst ratings summary and ratings history on Samsara Inc click here. For more ratings news on Samsara Inc click here.

Shares of Samsara Inc closed at $38.65 yesterday.

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