Samsara price target raised to $63 from $46 at Loop Capital

Loop Capital analyst Mark Schappel raised the firm’s price target on Samsara (IOT) to $63 from $46 and keeps a Buy rating on the shares ahead of its Q3 results. The firm expects the company to exceed its revenue estimate of $311M – the high end of guidance – saying its confidence in the quarter is based on recent business momentum, positive industry checks during the quarter, and its pre-quiet period conversation with the company, the analyst tells investors in a research note. Loop adds that Q3 results should be marked by several growth catalysts including a push upmarket, continued strength across ‘frontier markets’ large customer momentum, new logo strength, expansion overseas, and expanding margins.