Samsara price target raised to $50 from $40 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Samsara (IOT) to $50 from $40 and keeps a Neutral rating on the shares following Q3 results. The firm believes shares went down 10% following earnings due to Q4 guide being essentially reiterated, the “de-risked” but 23% year-over-year growth starting point for FY26 at this valuation and Asset Tags’ expectations being too high as implied annual recurring revenue sits at $3M. On the other hand, Piper told investors in a research note that net revenue retention appears stable as net-new annual contract value is fairly balanced between expansion and new solutions should better help address the international opportunity, video safety is underpenetrated, and the Asset Tags opportunity is very large.