Samsara price target raised to $50 from $40 at Truist

Truist analyst Junaid Siddiqui raised the firm’s price target on Samsara (IOT) to $50 from $40 but keeps a Hold rating on the shares as part of a broader research note previewing Q3 results for the Infrastructure & Security Software names. Buyer behavior has stabilized in the sector since last year, and the firm is focused on visibility into 2025 when generative AI projects will have a “rubber meets the road” moment, the analyst tells investors in a research note. The cost for execution missteps will be high in the weeks ahead, and the firm favors high-quality names going into the print, Truist states. The firm adds however that despite diversifying its use cases, the vast majority of Samsara’s annual recurring revenue is still derived from its connected fleet operations or “in-the-vehicle”, and any protracted downturn in the commercial medium and heavy- duty markets can have a pronounced negative impact on its results.