Roth MKM sees ‘multi-bagger opportunity’ with PowerFleet

Roth MKM keeps a Buy rating and $11 price target on PowerFleet but notes that the stock is trading at a “dramatic discount to comps” and represents a “multi-bagger opportunity”. The firm’s meeting with the company’s management team has left it “extremely comfortable” regarding its near-term execution and roadmap, the analyst tells investors in a research note, noting that while PowerFleet provided no financial updates, it continues to track near-term expectations which are largely cost optimization-driven. The company’s unique positioning, Unity’s ability to ingest and share third-party data, and expanding revenue opportunities are also “early but compelling”, the firm added.