PowerFleet in ‘early phases of evolution’, says Roth MKM

Roth MKM keeps a Buy rating and $13 price target on PowerFleet (AIOT) while citing the company’s “solid” Q3 results highlighted by Organic Service growth of 7%, Service gross margins of 69%, and EBITDA margins of 21%. With comparisons to Samsara (IOT) becoming more relevant, the firm sees “significant” upside to shares at about 2.5-times enterprise value to expected 2026 sales vs. SaaS comps at 4- to 9-times and Samsara at 15-times, the analyst tells investors in a research note. PowerFleet remains in the early phases of its evolution and is a top-pick, the firm added.