BofA Securities Starts Samsara Inc (IOT) at Buy

BofA Securities analyst Matt Bullock initiates coverage on Samsara Inc (NYSE: IOT) with a Buy rating and a price target of $37.00.

The analyst comments "Samsara (IOT) is revolutionizing roadway safety. With AI-enabled dash cams and software for real-time driver coaching, enterprises reduce total accidents by ~29%. The company is also disrupting the $19bn+ vehicle telematics industry, capturing ~1% share in NA annually with its easy to use and feature-rich solution. Together, Samsara’s fleet- focused offerings (each at $450mn+ in ARR) save customers ~$2mn per year (8x ROI). Telematics (software using GPS & sensors to monitor location/fuel use/idling for greater efficiency) is littered with clunky legacy products – and we are in the early stages of a widespread replacement cycle. We initiate coverage with a Buy rating and $37 PO."

For an analyst ratings summary and ratings history on Samsara Inc click here. For more ratings news on Samsara Inc click here.

Shares of Samsara Inc closed at $29.61 yesterday.

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