Samsara price target raised to $57 from $44 at BMO Capital

BMO Capital analyst Daniel Jester raised the firm’s price target on Samsara (IOT) to $57 from $44 but keeps a Market Perform rating on the shares after its Q3 earnings beat. The company posted a solid quarter for growth and continued progress on operating efficiency and cash generation, but lighter net new annual recurring revenue growth and lack of Q4 revenue raise against high expectations may cause shares to fade the recent strength, the analyst tells investors in a research note. BMO adds that the emerging AI use cases building on Samsara’s computer vision technology strength have potential to help sustain momentum from other recent launches like Asset Tags and Connected Forms.