PowerFleet price target raised to $10 from $8 at Northland

Northland analyst Greg Gibas raised the firm’s price target on PowerFleet (AIOT) to $10 from $8 and keeps an Outperform rating on the shares following the investor day. The firm came away with increased confidence in PowerFleet’s ability to achieve its two-year projections and reach Rule of 40 status. Since completing its combination with MiX Telematics, the company has increased adjusted EBITDA by 31% and revenue by 6%, the analyst tells investors in a research note. Northland has incremental confidence in PowerFleet’s ability to execute on its sales growth plans and profitability initiative.