Cantor Fitzgerald Starts Samsara Inc (IOT) at Overweight

Cantor Fitzgerald analyst Mason Marion initiates coverage on Samsara Inc (NYSE: IOT) with a Overweight rating and a price target of $45.00.

The analyst comments: “IOT is a premier asset within Industrial Software, and we think the market is underappreciating IOT’s long-term growth prospects and outstanding business model, which creates protective moats around the company that will allow it to capture a significant chunk of its large, underpenetrated TAM. The company also has numerous emerging growth levers as it accelerates the pace of innovation and leverages its proprietary network of devices. These factors could enable IOT to beat consensus (both sell- and buy-side) expectations over the near and medium terms.

Relative to 47 other software companies, IOT’s growth is in the top quintile and is the only one of 7 stocks that generates 20%+ growth and adj op margins. We think this growth and margin profile is sustainable, driven by three key levers: 1) connected asset adoption remains low globally (both core and emerging product categories); 2) accelerating upmarket momentum with a strong land-and-expand motion; 3) emerging products provide ample growth opportunities, expanding IOT’s TAM by ~3x.”

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 $38.38 yesterday.

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